Vinod Nair, Head Of Research at Geojit said the market has been doing well in anticipation of the Karnataka election.
"And as expected there is no clear majority to any one party till now, market may wonder about the political movement going forward hinting about JD’s association to which alliance. Based on the final outcome, the market will define the movement going forward." The rupee recouped some opening losses, trading 10 paise lower at 67.62 against the US dollar.
It opened lower by 28 paise to a fresh 16-month low of 67.79 against the dollar in early trade today amid gains in the US currency overseas.
Forex dealers said the dollar strengthened against major global currencies today, having pulled up from its lowest level in more than a week as hopes for easing global trade tensions pushed US bond yields higher.
Read more--Stocks update
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