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BW Businessworld

Rupee Hits Four-Month High, Bonds Gain

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The rupee and bonds rallied on 9 December after the country's main opposition party, BJP, which is widely seen by investors as being more business friendly, performed well in state elections.

The centre-left party's main opponent, the Hindu nationalist Bharatiya Janata Party (BJP), was the clear winner in three big states that went to the polls according to results on 8 December, with the count close in a fourth.

The partially convertible rupee was trading at 61.04/05 per dollar at 0913 IST (0343 GMT), after hitting as high as 60.84 to the dollar at the open, its strongest level since 12 August. It had closed 6 December at 61.41/42.

The benchmark 10-year bond yields fell 4 basis points to 8.81 per cent.