Rupee gains 30 paise against US dollar as exit polls predict Modi led BJP winning in Gujarat

By: | Published: December 15, 2017 5:37 PM

The Indian rupee gained as much as 30 paise against the US dollar on Friday after most of the exit polls showed BJP winning with a clear margin in the state elections of Gujarat and Himachal Pradesh.

The domestic currency rupee jumped as high as 33 paise in the afternoon trades to hit a 3-month high of 64.01 apiece US dollar. (Image: Reuters)

The Indian rupee gained as much as 30 paise against the US dollar on Friday after most of the exit polls showed BJP winning with a clear margin in the state elections of Gujarat and Himachal Pradesh. The Narendra Modi led Bharatiya Janata Party was seen heading for victories in both states. As far as the state of Gujarat is concerned, almost all exit polls predicted more than 100 seats out of 182 for the BJP where the party has been positioned in power nearly for last two decades. Earlier today, the Indian rupee opened 15 paise higher against the US dollar. The domestic currency rupee jumped as high as 33 paise in the afternoon trades to hit a high of 64.01 apiece US dollar. On Thursday, the Reserve Bank of India has fixed the reference rate of the rupee at 64.2798 against the US dollar and 75.9980 for the euro.

Meanwhile, Indian stock markets closed higher on Friday after blazing in the morning trades as investors rejoiced the exit poll results which has predicted an easy win for BJP in Gujarat and Himachal Pradesh. S&P BSE Sensex concluded 216.27 points or 0.65% higher at 33,462.97 whereas NSE Nifty added 81.15 points or 0.79% to settle at 10,333.25. The key equity indices Sensex and Nifty traded higher through the day. Shares of HDFC Bank, HDFC gained phenomenally ahead of meetings in which both are mulling to look for options for fundraising in their respective board meetings scheduled on 19 and 20 December. In the intraday trade, Sensex jumped as many as 375.26 points to hit the day’s high at 33,621.96 while Nifty 50 index neared 10,400, rising by 119.55 points to hit the day’s high at 10,373.1.

In the state of hills Himachal Pradesh, where the electorate has chosen the Congress and BJP alternately in Assembly elections, the exit polls projected a clear majority for the saffron party, unseating the Congress. A party or an alliance has to win at least 92 seats in the 182-member House to form the government in Gujarat. The Times Now-VMR Exit poll predicted 113 seats for the BJP and 66 for the Congress, with the remaining going to others. The Republic-C Voter Exit Poll gave the BJP 108 seats and the Congress 74. The ABP-CSDS exit survey by ABP News predicted a BJP victory in 117 seats as against the Congress’s 64. The NDTV said the BJP was likely to clinch 112 seats and the Congress 70.

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