ZCZC
BCN-29
INDIA-RUPEE-USD
Rupee rises 26 paise to 69.40/USD in early trade ahead of Lok Sabha
elections outcome
Mumbai, May 23, 2019 (BSS/PTI) – The rupee appreciated by 26 paise to
69.40 against the US dollar in opening trade Thursday, as counting of votes
for the seven-phase Lok Sabha elections began across the country.
The counting exercise is on in over 4,000 counting centres. Most of the
exit polls have predicted that the BJP-led National Democratic Alliance (NDA)
is on course to retain power for a second term.
The rupee opened strong at 69.45 at the interbank forex market, then gained
further ground and touched 69.40, displaying gains of 26 paise over its last
close.
The rupee had settled at 69.66 against the US dollar Wednesday.
Forex traders said, besides the Loka Sabha election outcome, easing crude
prices and higher opening in domestic equities also supported the rupee.
Foreign fund outflows however dampened the sentiment of forex traders.
Foreign institutional investors (FIIs) were net sellers in the capital
markets, pulling out Rs 965.02 crore Wednesday, according to provisional
exchange data.
Brent crude futures, the global oil benchmark, eased 0.58 per cent to USD
70.58 per barrel.
Domestic bourses opened on a bullish note Thursday with both benchmark
indices Sensex and Nifty hitting all-time highs.
The 30-share Sensex was trading at 39,722.15 points, up 611.94 points while
Nifty was trading higher by 226.80 points at 11,964.70.
BSS/PTI/HR/1325