INR jumps 6 Paise on the higher side as compared to USD

The Indian Rupee experienced a slow start in the Foreign exchange market against USD with 1 USD equivalent to 69.75. Later during the day, Rupee managed to jump 6 paise points higher against UAD reaching to 69.80 when closing.

The difference between the opening and closing value for INR against USD was equivalent to 49 paise, which could be seen in the day trading in the Foreign Exchange market. The trading for INR against Dollar reached its unexpected value equivalent to 69.80.

This increase in its value was on account of inflow of the surplus amount of foreign currency at the time of Exit Polls conducted. It is obvious that the Exit polls that predicted the NDA government to win 2019 Lok Sabha elections were the main reason behind this rise in INR value against USD.

It was also observed the same trend in the Equity market that favored the Forex dealers trading in Rupee against dollars.

Sources also added that trend for strong USD hold against all major currencies was also noticed along with the rising price for Crude commodities. This trend helped gain profits for most functional Domestic Units and dealers.

In the initial stages during the opening of the Forex market, INR opened slightly on the lower side. Early trades noticed were done for INR against USD at a value of 69.75.

During day time trades, this value managed to rise by around 6 paise, thus further boosting the Forex market. The 49 paise increase in Rupee value managed to close the market for 69.80 value.

As per experts, Exit Polls had earlier predicted PM Narendra Modi’s win for 2019 elections, and yet they are awaiting the Polls results for elections to be declared on Tuesday.

During the early trades, it was also seen that BSE Sensex traded 0.52 percent much higher in value closing at 39,557.91. The same trend was also noticed in NSE Nifty exchange that traded 0.41 points on the higher side reaching to 11,877.15 points at closing.