A surge in foreign fund flows into Indian equities and hopes of a stable government after the elections pushed the Indian rupee to an eight month high in early trade.
The rupee was last trading at 60.27 against the dollar, a gain of 21 paise over Tuesday's close. Dealers say a surge in inflows from foreign funds, who have invested staggering sums in Indian equities in the month of March has pushed the rupee higher.
With elections slated to begin in less than a fortnight currency markets are factoring a stable government led by Narendra Modi at the centre.
It's likely that the rupee may continue to gain on the back of strong dollar inflows from FIIs. Check currency rates here
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