Nifty hits record high; rupee at nearly 1-1/2 year high

REUTERS - The NSE Nifty rose as much as 0.51 percent to a record high of 9,220.65 on Monday, surpassing its previous peak in March, while the rupee hit its highest in nearly 1-1/2 years, after strong foreign buying in domestic markets.

Bonds also rallied, sending the benchmark 10-year bond yield down 7 basis points to 6.62 percent.

The Nifty's record high surpassed its previous milestone of 9,218.40 points hit on March 17. The index was last up 0.3 percent.

The rupee strengthened to as much as 64.7650 per dollar, its strongest since October 2015, from its previous close of 64.8550.

Foreign investors bought a net $8.85 billion in Indian shares and debt last month, as prospects of additional reforms and hopes for an improving economy bolstered sentiment towards the country.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Biju Dwarakanath)