GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Rupee gains for second day; election results cheer

The rupee gained for a second consecutive session on Monday after the BJP's success in two state elections.

Updated:October 20, 2014, 10:01 AM IST
facebookTwittergoogleskypewhatsapp
Rupee gains for second day; election results cheer
The rupee gained for a second consecutive session on Monday after the BJP's success in two state elections.

Mumbai: The rupee gained for a second consecutive session on Monday after the BJP's success in two state elections and the government's removal of diesel subsidies and a hike in natural gas prices sparked hopes for additional reforms.

The government lifted diesel price controls and raised the cost of natural gas on Saturday, giving market forces greater sway as it seeks to attract energy investment, boost competition and cut subsidy costs.

Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) also made big elections gains in Maharashtra and Haryana, an endorsement likely to encourage him to step up the pace of economic reforms.

"The rupee gained, tracking positive domestic sentiment after the election results and the diesel price deregulation. Positive global stocks also aided but some oil-related dollar buying pulled the unit off highs," said Hari Chandramgethen, head of foreign exchange trading at South Indian Bank.

Traders broadly expect the rupee to hold in a 61.00 to 61.70 range against the dollar this week, shortened by market holidays on Thursday and Friday.

The partially convertible rupee closed at 61.36/37 per dollar compared with 61.44/45 on Friday.

The rupee was also helped after Sensex and Nifty rose more than 1 percent on Monday to mark their biggest daily gain in more than one week.

In the offshore non-deliverable forwards, the one-month contract was at 61.68, while the three-month was at 62.27.

Also Watch

Read full article
Loading...
Most Active
Company Price Change %Gain
Bajaj Finance 2,721.35 +201.15 +7.98
Bajaj Auto 2,839.60 -275.40 -8.84
Reliance 1,128.65 +23.80 +2.15
Infosys 1,348.10 +31.40 +2.38
Ashok Leyland 107.45 +1.75 +1.66
Company Price Change %Gain
Bajaj Finance 2,721.50 +203.90 +8.10
ICICI Bank 266.00 +4.80 +1.84
Infosys 1,348.35 +31.80 +2.42
Bajaj Auto 2,841.10 -271.70 -8.73
Power Grid Corp 176.20 -1.05 -0.59
Top Gainers
Company Price Change %Gain
Bajaj Finance 2,721.35 +201.15 +7.98
Bajaj Finserv 6,663.95 +367.05 +5.83
Sun Pharma 560.10 +15.15 +2.78
Tech Mahindra 659.45 +17.25 +2.69
Cipla 625.80 +15.70 +2.57
Company Price Change %Gain
Sun Pharma 559.90 +14.80 +2.72
Infosys 1,348.35 +31.80 +2.42
Reliance 1,128.55 +24.65 +2.23
ICICI Bank 266.00 +4.80 +1.84
Axis Bank 534.45 +7.15 +1.36
Top Losers
Company Price Change %Gain
Bajaj Auto 2,839.60 -275.40 -8.84
HPCL 275.40 -9.00 -3.16
IOC 161.05 -4.75 -2.86
Vedanta 202.40 -5.80 -2.79
BPCL 388.85 -9.45 -2.37
Company Price Change %Gain
Bajaj Auto 2,841.10 -271.70 -8.73
Vedanta 202.60 -5.70 -2.74
Hero Motocorp 3,373.15 -85.75 -2.48
ONGC 157.85 -3.55 -2.20
Kotak Mahindra 1,333.45 -16.80 -1.24
Loading...
Loading...