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Rupee soars 42 paise on BJP win, positive IIP numbers

PTI | Mumbai |

The rupee soared 42 paise to 66.18 against the dollar early on Tuesday on increased selling of the US currency by exporters and banks amid higher foreign inflows following BJP's resounding win in UP and positive IIP numbers.

Forex dealers said that a weakening dollar against other currencies overseas and domestic stock markets zooming to new highs with the NSE Nifty hitting a record 9,122.75 points in opening trade kept the rupee going.

Furthermore, industrial production bouncing back in January, expanding by 2.7 per cent year-on-year too supported the rupee, they added.

On Friday, the rupee had gained 11 paise to close at a fresh 4-month high of 66.60 against the dollar on renewed selling of the US currency by exporters and banks.

Forex market remained closed on March 13 on account of Holi.

Meanwhile, the benchmark BSE Sensex rose 615.70 points, or 2.12 per cent, to 29,561.93 in opening trade on Tuesday.

The NSE Nifty too spurted by 188.20 points to trade at an all-time high of 9,122.75, surpassing its previous high of over 9,119 points on March 4, 2015.