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The rupee pared initial gains against the US dollar on Thursday, and traded at 70.02, down 36 points from its previous close.
The BJP-led National Democratic Alliance (NDA) is on course to retain power for a second term as the alliance was leading in 338 constituencies.
The rupee opened strong at 69.45 at the interbank forex market, then gained further ground and touched 69.37, before being quoted at 70.02 at 4.30 pm.
The rupee had settled at 69.66 against the US dollar on Wednesday.
Forex traders said, besides the Loka Sabha election outcome, easing crude prices and higher opening in domestic equities also supported the rupee initially.
Foreign fund outflows however dampened the sentiment of forex traders.
Foreign institutional investors (FIIs) were net sellers in the capital markets, pulling out Rs 965.02 crore Wednesday, according to provisional exchange data.
Brent crude futures, the global oil benchmark, eased 0.58 per cent to $70.58 per barrel.
Domestic bourses opened on a bullish note Thursday with both benchmark indices Sensex and Nifty hitting all-time highs.
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