Rupee surges 42 paise to 76.20 on early poll result trends
The rupee advanced 42 paise to 76.20 against the US dollar in opening trade on Thursday, supported by positive domestic equities and early trends in Assembly election results.
At the interbank foreign exchange, the rupee opened at 76.27 against the US dollar, then gained momentum and touched 76.20, registering a gain of 42 paise from the previous close.
On Wednesday, the rupee had appreciated 38 paise to close at 76.62 against the US dollar, following a retreat in crude oil prices and rebound in domestic equities.
“The rupee opened on a strong note as the state election results are as per market expectations. Fighting in Ukraine is on a pause for the moment and risk-on sentiments continue for the moment,” said Anil Kumar Bhansali, head (Treasury) at Finrex Treasury Advisors.
Counting of votes is underway on Thursday in  Uttarakhand, Uttar Pradesh, Punjab, Goa and Manipur, where Assembly polls were held recently.
Also read:Â BJP bash in UP; AAP takes Punjab by storm; Cong falters yet again
Meanwhile, the dollar index, which gauges the greenbacks strength against a basket of six currencies, advanced 0.16 per cent to 98.12.
Meanwhile, global oil benchmark Brent crude futures jumped 3.39 per cent to USD 114.91 per barrel.
On the domestic equity market front, the 30-share Sensex was trading 1,361.07 points or 2.49 per cent higher at 56,008.40, while the broader NSE Nifty rose 368.40 points, or 2.25 per cent, to 16,713.75.
Also read:Â Sensex sprints 1,595 pts, Nifty tops 16,750 tracking rally in global equities
From the 30-share Sensex pack, Axis Bank, State Bank of India, ICICI Bank, IndusInd Bank, Maruti Suzuki India and Hindustan Unilever Limited were the biggest gainers in early trade, jumping up to 4.85 per cent.
In contrast, Tata Steel was the lone laggard.
Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth ₹4,818.71 crore, as per stock exchange data.
(With inputs from Agencies)
