The rupee appreciated by 21 paise to 69.81 against the US dollar in the opening trade on Friday
Mumbai, May 24
The rupee appreciated by 21 paise to 69.81 against the US dollar in the opening trade on Friday following the BJP's thumping victory in the Lok Sabha election.
Strong foreign institutional investors (FIIs) inflows and higher domestic equity markets also buoyed sentiments for the rupee, forex dealers said.
However, rising crude prices and strengthening dollar restricted the gains of the domestic unit, they added.
The rupee opened on a strong note at 69.75 against the greenback at the interbank forex market. However, it surrendered initial gains to trade at 69.81 in early trade.
The rupee had settled 36 paise down at 70.02 against the US dollar in the previous session.PM Modi on Thursday led the BJP to a resounding victory for a second term in the office.
FIIs were net buyers in the capital markets, buying shares worth 1,352.20 crore on Thursday, according to exchange data.
The BSE Sensex was trading 170.51 points, or 0.44 per cent, higher at 38,981.90. Similarly, the broader NSE Nifty spurted 54.15 points, or 0.46 per cent, to 11,711.20.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.02 per cent to 97.88.
Brent crude futures, the global oil benchmark, grew by 1.12 per cent to trade at USD 68.52 per barrel. PTI
Most Read In 24 Hours
Don't Miss
View All
Top News
Canadian Police release photos of Khalistani separatist Hardeep Nijjar’s killers; say more involved in case
The three are believed by investigators to be members of an ...
What led to Canada's arrests over killing of Sikh separatist Hardeep Singh Nijjar
Nijjar was killed in the province of British Columbia in Jun...
Canadian Sikh politician Jagmeet Singh alleges India hand in Nijjar killing despite police not giving any such proof
After the Canadian Police announced the arrest of three accu...
Snake venom case: ED files money-laundering case against YouTuber Elvish Yadav, others
The alleged generation of illicit funds for organising rave ...
Lovely Professional University-Phagwara student from Noida, 3 others sustain bullet injuries in clash between two groups
Incident occurred at university's Law Gate in wee hours of S...
