Rupee surges against American currency on Monday
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Indian rupee surged against the American currency on Monday followed by strong domestic equities as most of the exit polls predicted Prime Minister Narendra Modi will retain power for a third straight term and the BJP-led NDA expected to win a big majority in the Lok Sabha elections. Moreover, a soft American currency and foreign fund inflows also supported rupee sentiments. Foreign investors were net buyers of Indian equities on Friday as they purchased shares worth Rs 1,613.24 crore on a net basis, exchange data showed. Strong macroeconomic data also boosted rupee’s up-move. India's economy grew by 8.2% in the fiscal year that ended in March, while the country's GST collections grew 10% to Rs 1.73 lakh crore in May. The centre’s fiscal deficit during 2023-24 at 5.6% of the GDP was better than previous estimates of 5.8%. India's forex reserves dropped by $2.027 billion to $646.673 billion for the week ended May 24, RBI said on Friday.
The partially convertible currency is currently trading at 83.07, stronger by 35 paise from its previous close of 83.42 on Friday. The currency touched a high and low of 83.09 and 82.95 respectively.
