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MUMBAI: The rupee gained 16 paise to close at 83.37 on Wednesday after it seemed more likely that there would be continuity at the Centre with a BJP-led coalition forming govt for the third time.
Dealers said that foreign banks were seen selling dollars while RBI intervened in the non-deliverable forward markets to stem volatility in the spot market.“This strength was bolstered by the capital market’s renewed confidence, driven by the likelihood of the current govt continuing with support from allies. As election results become clearer after the count, rupee volatility is expected to persist within the range of 83.2-83.6,” said Jateen Trivedi, VP research analyst, LKP Securities. Bankers said that international developments pertaining to the dollar will determine the course of the exchange rate movement.
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