Facebook Pixel Code

Rupee gains 23 paise against US dollar in 2 days on positive signs for Modi in Gujarat state elections

The Indian rupee has gained 23 paise against the US dollar in just 2 days as Narendra Modi led BJP is most likely to conquer Gujarat for the fifth consecutive time in the state elections.

Rupee gains 23 paise against US dollar in 2 days on positive signs for Modi in Gujarat state elections

The Indian rupee has gained 23 paise against the US dollar in just 2 days as Narendra Modi led BJP is most likely to conquer Gujarat for the fifth consecutive time in the state elections. Way back in March 2017, the rupee appreciated as much as 79 paise in a single day to close at a 16-month high against the US dollar after Bharatiya Janata Party’s landslide victory in Uttar Pradesh state elections. On 14 March 2017, rupee edged up 79 paise or 1.2%, marking the biggest gain since 19 September 2013 to settle at 65.82. Since then, the Indian rupee has been on a continuous rising streak, except a drop in late September which extended till mid of November, due to rise in the crude oil prices at the international commodity markets.

The Indian rupee has been on a rising streak for the last two days and now, the rupee has gained 23 paise to hit a day’s high of 64.3412 on Monday in just a 2-day period, even as the results of Gujarat state elections is yet to be announced. On Thursday last week, the rupee closed at a 2-week low of 64.57, declining by 5 paise versus the US dollar. Today morning, the rupee opened flat but quickly followed a rising path, appreciating by 6 paise at 64.39 against the US dollar. During the day, rupee extended the gain and jumped 11 paise at 64.34 against the US dollar. Meanwhile, the results of the opinion polls by several organisations suggests that BJP might win the battle of Gujarat state elections with a comfortable margin.

Earlier on 9 December, in the first phase of Gujarat polls, Senior Deputy Election Commissioner Unmesh Sinha said that about 68% polling has been recorded. 89 seats out of the total of 182 Assembly constituencies went to polls in the first phase with prominent candidates like Chief Minister Vijay Rupani (Rajkot West), Congress’ Shaktisinh Gohil (Mandvi) and Paresh Dhanani (Amreli) in the fray. The election is being viewed as a prestige battle for Prime Minister Narendra Modi and a litmus test for the leadership of soon-to-be Congress chief Rahul Gandhi.  The second phase of polling in 93 seats will be held on December 14 while the counting of votes is scheduled on 18 December.

If you are keen to know more about Nifty 50 and BSE Sensex levels and seek expert advice on what’s driving the gains and how to build your portfolio, track the latest stock market stats, share market news and top brokerage bets on Financial Express. Download the Financial Express App for the fastest and most reliable business news alerts, key investment strategies and latest movers and shakers from across financial market.

First published on: 11-12-2017 at 14:15 IST
Market Data
Market Data
Today’s Most Popular Stories ×