dollar – Bhartiyanews24x7

MUMBAI: The rupee gained 16 paise to close at 83.37 on Wednesday after it seemed more likely that there would be continuity at the Centre with a BJP-led coalition forming govt for the third time.Dealers said that foreign banks were seen selling dollars while RBI intervened in the non-deliverable forward markets to stem volatility in the spot market.“This strength was bolstered by the capital market’s renewed confidence, driven by the likelihood of the current govt continuing with support from allies. As election results become clearer after the count, rupee volatility is expected to persist within the range of 83.2-83.6,” said Jateen Trivedi, VP research analyst, LKP Securities. Bankers said that international developments pertaining to the dollar will determine the course of the exch...

The Indian rupee on Tuesday tanked 45 paise to settle at 83.59 (provisional) against the US dollar as the election trends indicated a difficult majority for the Bharatiya Janata Party in the Lok Sabha. Contradicting the exit poll predictions of a comfortable majority for PM Narendra Modi’s BJP-led NDA alliance, the election trends today showed a declining margin for the alliance. On the other hand, the INDIA alliance beat all expectations and maintained a lead on nearly 230 seats in the lower house. This contradiction led to a rampage in the stock markets and key equity benchmark indices bled during the day. The uncertainty surrounding a majority win for the BJP-led government triggered a major sell off in domestic equities, as panicked investors engage...

Tag: dollar

Rupee gains 16p to 83.37 against dollar | India News – Times of India

Questions On BJP’s Majority Win Lead To A Dip Of 45 Paise In Indian Rupee Against US Dollar