How The Election Of 2019 Has Effected Crypto, Metal, And Forex Trading Markets
Elections are known as a mega carnival in India, where all political groups and its well-known leader go on a head-to-head battle to win a position in the Lok Sabha elections. The 2019 election will take place between the month of April-May and it will be a Litmus test for the present government. Therefore, the final call of this election will determine the growth route of India. This is the first national-level election, which is been held after GST, demonetization and surgical strike. The most important fact is that the BJP has won many of the municipal and state elections.
However, this year, Lok Sabha elections might turn the tables for the Forex Trading in India, as an increase of INR 74.39 to the US Dollar in 2018 weakened the Indian currency. The currency is currently trading to 69.00, and although the outcome of the elections are yet to be determined, there are possibilities that show there are more to come with the elections on the line.
Elections impact on cryptocurrency
India’s forthcoming general elections of 2019, might affect the government’s procedures in the crypto’s regulation. A famous lawyer has explained that during the time of elections are “code of conduct” is applied, which will prevent any new law or order to be passed. Therefore, according to the rule, there will be no such government, to officially declare or announce any form of rules or regulations regarding cryptocurrency and others.
On the other end, the Indian government was given a 28 days’ period, in order to prepare a report about the crypto space, and the reports were declared to be presented in the court, by the Secretary of Department of Economic Affairs. This allowed the government to move forward and requested the court to delay the hearing after the elections are over. Before this step was taken, the Indian government also declared to release the regulation in the year of 2018, but unfortunately, such regulations were not introduced to the public. This action clarifies that the government, do not hold issues of the crypto industry as the most pressing matters.
How the metal trading will do during the time of elections?
When India enters the final polling phrase of the Lok Sabha election 2019, the citizen of the nation is eagerly waiting for the poll results to come out, as the feeling of nervousness keeps growing. According to many market traders, during the time of an ongoing election, being uncertain is common and the how it will impact the stock markets will be estimated accurately, just after two months of the election results. NSE Nifty and BSE Sensex are India’s two main benchmarks of the share market leads met with a losing streak for 9 days but did not reduce the nervousness among the investors, who are currently waiting for the results.
Election 2019 and its effects on the forex trading market
The forex market is well-known for its currency trading activities, and major benefits and possibilities it happens to offer, to their traders which other investments cannot do so. With the 2019 elections in hand, there might be a little up and down on the process. In the recent news, it was declared that the Indian currency Rupee is doing well and will be receiving a lot of appreciation ahead of the US Dollar.
Historical records have shown that the currency normally does well when it moved forward towards the quarters of the elections. However, it soon will decrease in price immediately after reach a three-month period, when entering the election quarters. The increase and decrease of the Indian Rupee solely depend on the election results. The best forex trading platform in India will be filled with benefits if the election outcome is in favor of the current ruling party.
The Lok Sabha Election 2019 results are due on May 23, and the results will indicate the rise and fall of all the industries and markets in India. The traders and investors are very much in fear as the outcome may or may not be in their favor. Therefore, the forex trading market will too face a series of change, and will determine the increase and decrease of the Indian Rupee.