Rupee surges 49 paise against US dollar on Modi's landslide win

The Indian rupee Friday rallied 49 paise to close at 69.53 against the US dollar in line with a massive surge in domestic equities following a decisive mandate for Narendra Modi's BJP in the general elections.

On weekly basis, the Indian currency gained 70 paise helped by a host of domestic and global factors like stable political outlook with NDA government's return, sustained fund inflows, lower crude oil prices and strengthening Asian currencies.

However, concerns over ongoing US-China trade tariff tussle continued to hurt forex market sentiment.

At the interbank foreign exchange, the rupee opened at 69.75 against the previous close of 70.02. It traded in the range of 69.81 to 69.50 during the day. The Indian unit finally settled the day at 69.53, gaining 49 paise or 0.70 per cent.

Foreign institutional investors (FIIs) remained net buyers in the capital markets on Friday, buying shares worth 2,026.33 crore, according to exchange data.

"India's rupee led gains in Asian currencies ..