Rupee Moves Above 70 Mark Against Dollar

The rupee appreciated by 79 paise to 69.44 against the US dollar in early trade on Monday, a day after exit poll results suggested another term for the ruling NDA government. The rupee shrugged off strengthening crude oil prices in anticipation of tightening supply ahead.

Forex traders said investors welcomed the exit poll results that predict a thumping majority for the current BJP-led government.

Sentiments were also buoyed by positive opening in domestic equities.

The rupee opened at 70.36 the interbank forex market, then gained further ground to touch 69.44 against the greenback, marking a gain 79 paise.

Brent crude futures, the global benchmark for crude oil, were last seen trading 1.48 per cent higher at $73.28 per barrel higher.

The rupee had settled at 70.23 against the US dollar on Friday.

Foreign funds pulled out Rs 1,057.82 crore in the capital markets on a net basis on Thursday, provisional data showed.