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Indian IT companies saw their stocks surge following Donald Trump's presidential election victory. The rally was fueled by optimism surrounding Trump's pro-business policies, which are expected to boost IT spending. However, potential protectionist measures under a Trump administration pose a risk for Indian software exporters, potentially hindering the sector's growth.
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News and Media
As global investors brace for economic and geopolitical tremors with the US at the epicentre, India is perceived as being among those economies that may benefit from Trump's presidency, which is expected to see higher trade tariffs and lead to an exacerbation of US-China tensions.
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Wall Street's "fear gauge" - the VIX - tumbled the most since August to around 16. Trading on stocks spiked, with the S&P 500 volume 110% above the average of the past month.
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One of the key elements of Trump's election manifesto was a universal tariff on imports from all countries. Imports from China would, however, face a 60% tariff. Such duties are aimed at discouraging imports and boosting domestic production in the US.
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In relative terms, however, the rupee's 0.2% decline through the day was modest in comparison with competing Asian monetary units where the US holds a disproportionate share in their respective merchandise exports. Thai Baht depreciated the most at 1.8%, while the Chinese Yuan slumped 1.2%.
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News and Media
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