Mumbai, May 20: Extending gains for the fifth straight sessions on Monday, the Rupee surged by 49 paise to 69.73, after Exit polls indicated that the election will give a clear mandate to the ruling party-led coalition, amid brisk demand for US Dollars by importers, dealers at the Forex Market said.
The Indian rupee and bonds rallied at market on Monday, amid reports that Prime Minister Narendra Modi is likely to return to power with an even bigger majority in Parliament. The partially convertible rupee was trading at day's high and low at 69.76 and 69.35, respectively.
In opening trade, the domestic unit surged by 73 paise to 69.49 and finally closed at 69.73, up by 49 paise from its last close. The Indian currency spurted on weak Dollar against other world currencies and strong equity market.
The rupee had closed on Friday at 70.22. Further gains in the rupee will also depend on flows into the stock markets. (UNI)