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Indian rupee gains after early vote count hints at BJP win

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Exit polls have predicted a clear win for Prime Minister Modi.

Indian rupee and bonds rallied on Thursday after early vote count suggested the ruling party led National Democratic Alliance was leading in several seats across the country raising possibility of a second term for the Narendra Modi government.

Against the UAE dirham, the rupee was trading at 18.91 at 8:20am (UAE time), according to XE.com.

Exit polls have predicted a clear win for Prime Minister Modi in the election that ended on Sunday, but such polls in India have proved misleading before.

The ruling coalition, led by Modi's Bharatiya Janata Party (BJP), is projected to win between 339 and 365 seats in the 545-member lower house of parliament with a Congress-led opposition alliance getting only 77 to 108, an exit poll from India Today-Axis showed.

The benchmark 10-year bond yield was 3 basis points lower at 7.23% at 0349 GMT.

The partially convertible rupee was trading at 69.54 per dollar versus previous close of 69.6750. The Nifty share index was up 1.4%.

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