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Indian Rupee At More Than 2-week High Vs U.S. Dollar On Hopes For NDA Return

The Indian rupee firmed against the U.S. dollar in morning deals on Thursday, as early trends suggested a victory for the ruling National Democratic Alliance.

The NDA was leading in several seats across the country, raising the likelihood of a second term for the Narendra Modi government.

The rupee spiked up to 69.32 against the greenback, its strongest since May 7. This marked a 0.5 percent rise from Wednesday’s closing value of 69.69. The next possible resistance for the rupee is seen around the 68.00 level.

Indian shares also rose amid hopes for an NDA return.

The benchmark 30-share BSE Sensex was up 389 points or 1.00 percent at 39,499, while the broader Nifty index rose 121 points or 1.04 percent to 11,859.

The material has been provided by InstaForex Company – www.instaforex.com