The rupee closed at a 11-month high after the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) swept the 16th Lok Sabha election, on its way to securing 340 seats out of a possible 543.

The rupee closed at 58.7825, up 0.86% from its previous close of 59.29. The rupee had opened at 58.96 a dollar in the morning and strengthened to 58.62 a dollar, but the central bank sold dollars in the market to cool off the rupee, said currency dealers.

As per stock exchange data, Foreign Institutional Investors (FIIs) pumped in a net Rs 934 crore in Indian stocks today.Pramit Brahmbhatt, Veracity Group CEO said,” The rupee appreciated over half per cent during the day as local equities closed all time high level. The trading range for the Spot USD/INR pair is expected to be within 58.80 to 59.80.” The firm dollar overseas could not stem the rupee rise. Dollar index, a gauge of six major global rivals, was last trading up 0.28 per cent.

The Reserve Bank of India today told that it has put in place contingency plans to infuse liquidity into the system to deal with any possible volatility in markets tomorrow

Meanwhile, The S&P BSE Sensex which opened with a massive gap-up, surged as much as 1,448 points in trade on Friday to touch its fresh lifetime high of 25353.16.