The rupee on Friday surged to its 11-month high as the BJP-led NDA swept the general elections. The rupee closed at 58.79 as compared to its previous close of 59.30, up 51 paise or 85 per cent. Intra-day, the rupee had appreciated to 58.62 as hectic buying was witnessed on the bourses. However, with profit-booking by FIIs, the dollar got some support.
“The rupee did not see the same action as witnessed by Sensex or the Nifty. At the end of the day, there was not much impact on dollar as FIIs kept their role limited to profit-booking while domestic institutions went on buying. With more than 1000 points rally, the rupee could have appreciated to 56 level but it weakened with liquidation of built-in positions,” said Pramit Brahmbhatt, CEO, Veracity Financial Services.
Gold tumblesPTI reports:
In Mumbai, gold prices tumbled on Friday following heavy unwinding from jewellery stockists and retail investors amid strengthening rupee. Silver also plummeted on the back of speculative selling coupled with subdued industrial offtake.
Standard gold (99.5 purity) dropped by Rs.355 to Rs.29,160 per 10 gram. Silver (.999 fineness) tanked Rs.700 to conclude at Rs.42,020 a kg.
