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Rupee trades higher at 58.44 per dollar

LiveMint logoLiveMint 26-05-2014 Ashwin Ramarathinam

Mumbai: The Indian rupee opened higher against the dollar on expectations of more dollar inflows from foreign institutional investors in the local stock market this week as Narendra Modi prepared to take oath as the new prime minister of India on Monday.

At 09.07am, the rupee was trading at 58.44 per dollar, up 0.12% from its previous close of 58.50.

The BSE Sensex gained around 275 points in early trading session on Monday.

The US S&P 500 closed at a record high on Friday, buoyed by a rally in housing stocks after better-than-expected new home sales data. Sales of new US single-family homes rose more than expected in April and the number of houses on the market hit a three-and-a-half year high, data showed on Friday.

Since the beginning of this year, the rupee has gained 5.75% against the dollar, while foreign institutional investors have pumped $7.6 billion into the local equity markets on hopes of an economic revival in the country.

The Bharatiya Janata Party’s (BJP’s) Narendra Modi led his party to a decisive victory in the April-May general election, securing 282 seats in the 543-seat lower house of Parliament. The former Gujarat chief minister will be sworn in on Monday evening, along with his Cabinet of ministers.

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