INSUBCONTINENT EXCLUSIVE:
close at 69.53 against the dollar in line with a massive surge in domestic equities following a decisive mandate for PM Narendra Modi's
BJP in the general elections
NDA (National Democratic Alliance) government's return, sustained fund inflows, lower crude oil prices and strengthening Asian
currencies.However, concerns over ongoing US-China trade tariff tussle continued to hurt forex market sentiment.At the forex market, the
rupee opened at 69.75 against the previous close of 70.02
It traded in the range of 69.81 to 69.50 during the day
The local unit finally settled the day at 69.53, gaining 49 paise or 0.70 per cent.Foreign institutional investors (FIIs) remained net
buyers in the capital markets on Friday, buying shares worth 2,026.33 crore, according to exchange data."India''s rupee led gains in Asian
currencies as oil prices fell and equity markets surge
Sentiments have improved in domestic equity markets after continuity of the stable government
Firm equity markets would attract dollar inflow and rupee therefore would get support," V K Sharma, Head PCG and Capital Markets Strategy,
HDFC Securities, said.The Bharatiya Janata Party (BJP) has won over 300 seats on its own out of 542 seats in the Lok Sabha elections -- a
first back-to-back majority for a single party since 1984.Riding a wave of optimism, the BSE Sensex shot up 623.33 points, or 1.61 per cent,
to end at 39,434.72, while the broader NSE Nifty surged 187.05 points, or 1.60 per cent, to 11,844.10.Bond prices advanced for a third day
as a retreat in oil eases concern about inflation which will give central bank comfort to cut interest rate and infuse liquidity in economy,
he said.The benchmark 10-year government bonds yield dropped 0.15 per cent to 7.23 per cent on Friday.Meanwhile, international oil benchmark
Brent Futures rose 1.18 per cent to $68.56 a barrel on Friday.The weaker oil prices help currencies of major net importers of the commodity,
such as India and China.According to forex market experts, key factors that will drive investor sentiment going ahead are movement of crude,
