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Rupee rises further to 58.48 on hopes of more dollar inflows

LiveMint logoLiveMint 19-05-2014 Ashwin Ramarathinam

Mumbai: The Indian rupee on Monday opened higher against the dollar on expectations of more dollar inflows after decisive mandate in favour of the Bhartiya Janata Party (BJP).

At 9.08am, the rupee was trading at 58.48 per dollar, up 0.5% from its Friday’s close of 58.78.

The BJP, led by its prime ministerial candidate Narendra Modi, won the Lok Sabha elections with 282 seats on its own on Friday. The alliance it leads—National Democratic Alliance (NDA)—has 336 seats in the lower house of the Parliament which means they can kickstart investments without requiring any outside support.

So far this year, the rupee has gained 5.67% against the dollar while foreign institutional investors (FIIs) have pumped in $6.77 billion in the local equity markets.

Yield on the 10-year benchmark bond was trading upwards at 8.842% compared with its last close of 8.834%. Bond yields and prices move in opposite directions.

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