The domestic currency rupee on Tuesday surged 37 paise to end at a nine-month high of 59.68 against the dollar on the back of robust foreign capital inflows into equities after exit polls projected BJP-led NDA would form the next government at the Centre.
Weakness of the dollar in the New York market also boosted the rupee that posted its strongest gain against the dollar in two weeks, a forex dealer said. The BJP-led NDA is projected to form the government at the Centre with exit polls on Monday night giving between 249 and 290 seats to the Narendra Modi-led grouping, which is close to the half-way mark in the 543-member Lok Sabha.
The rupee resumed higher at 59.70 per dollar as against the last closing level of 60.05 at the Interbank Foreign Exchange market. In sync with the rising domestic stock market, rupee firmed up further to a high of 59.59, before ending at 59.68 per dollar.
This is a gain of 37 paise or 0.62 per cent from its last close. This is the best gain for the local unit since April 25 when it appreciated by 47 paise. As per historic data, the rupee had last ended at 59.41 per dollar on July 29, 2013. Further, the rupee hovered in a range of 59.59-59.93 per dollar in the intra-trade this day.
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