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USD/INR 1-month risk reversals (INR1MRR), a gauge of calls to puts, has flipped to INR calls for the first time since May 2017.  

It is currently trading at -0.07 in favor of INR calls. The move coincides with the spot hitting the lowest level since Aug. 2, 2018. USD/INR is currently trading at 68.46, having hit a low of 68.35 earlier today.  

The Indian rupee has appreciated more than 4 percent in the last few days on the brightening re-election prospects of Prime Minister Narendra Modi and the ruling Bharatiya Janata Party.