Immediately after the market soar over 2100 points in a single day, the rupee also followed suit and strengthened a whopping 150 paise to reach 48 against the US dollar.
The domestic currency opened with a big gap of 92 paise from its previous close and then later appreciated further. This gain is on the back of the clear electoral verdict as many FII's would be attracted to invest in this country.
The foreign exchange market saw active trade in the early morning. The local stock market were shut down as it had reached the upper circuit. It went up by 2000 points.
The strengthening of the rupee is bound to have an impact on the Indian IT stocks. Its better to stay away from all the technology stocks for now. Expectations are that the rupee will reach 45 per dollar very soon. This is bound put some pressure on the IT industry.
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