Markets

Indian rupee strengthens to 10 month high on exit poll hopes

Published May 12, 2014 Updated May 12, 2014 06:13am

1 min

By Shoaib Ur Rehman

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MUMBAI: Indian rupee rallied to its strongest level against the dollar since July 2013 on widespread hopes that exit polls later on Monday would show the opposition Bharatiya Janata Party winning a majority in the country's elections.

The optimism comes even as exit polls in previous elections have proved to be unreliable.

India's five-week long elections are set to conclude on Monday, with exit polls from media organisations to be released starting after 1830 India time (1300 GMT).

Actual results will be out on Friday.

The partially convertible rupee touched as much 59.51 per dollar on Monday, the strongest level since July 29, 2013, compared to its 60.02/03 close on Friday.

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