The rupee opened marginally lower against the dollar on Tuesday, a day after the domestic currency recorded its biggest single-day gain in two months after exit polls suggested another term for the ruling NDA government.
The News18-Ipsos exit poll showed NDA securing 336 seats beating the 82 seats by the Congress-led United Progressive Alliance, a coalition of opposition parties. The tally of the Congress, which won 44 seats in 2014 — its worst-ever electoral performance — is projected to reach 46 seats. The BJP, on the other hand, will score 276.
At 09:10 AM, the rupee was trading at 69.72 a dollar, up 2 paise from its Monday’s close of 69.74. The home currency opened at 69.76 and touched a high and a low of 69.71 and 69.76 a dollar, respectively.
The rupee, Asia’s top performer in March, has slid 1.6 percent this quarter as escalating trade tensions roiled global markets. Sentiment has been fragile as overseas investors have pulled more than $650 million combined from local shares and bonds this month.
In the currency market, the dollar held near a 2-1/2-week high on Tuesday, as growing tensions between the United States and China boosted investors' appetite for the safe-haven greenback.
The dollar index against a basket of six major currencies stood at 97.947 after brushing 98.036 overnight, its highest since May 3.
In commodity markets, oil prices edged higher on the back of escalating tensions between the United States and Iran.
Brent crude futures, the international benchmark for oil prices, were at $72.03 per barrel at 0118 GMT, up 6 cents, or 0.1 percent, from their last close.
Meanwhile, foreign investors put in Rs 1,734.45 crore on a net basis in equity markets Monday, provisional exchange data showed.
In debt markets, the yields on the 10-year government bonds were up 0.07 percent to 7.29 percent from its previous close of 7.29 percent. Bond yields and prices move in opposite directions.
First Published: May 21, 2019 9:11 AM IST
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