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Government bond yields closed at their lowest in over two years, and the rupee saw its largest single-day gain since December, driven by exit polls predicting a strong NDA victory in the general elections.
Rupee weakens to 83.27 against USD amid negative equity market sentiment and rising oil prices.
The first phase of the election started on April 19. The election results are set to be announced on June 4 to the 543-member Lok Sabha. The BJP-led NDA is expecting to win 400-plus seats.
Get latest articles and stories on India at LatestLY. The rupee appreciated by 3 paise to 83.10 against the US dollar on Tuesday, tracking a positive trend in domestic equities and weakness of the American currency in the overseas market. India News | Rupee Rises 3 Paise to 83.10 Against US Dollar in Early Trade.
Rupee expected to trade positively against the dollar, influenced by domestic equities and foreign inflows, with oil prices a factor.