New Delhi, May 18 (IANS): BJP leader L.K. Advani will continue as the Leader of Opposition in the Lok Sabha, party president Rajnath Singh said Monday, ending speculations on the veteran's role following the party's electoral debacle.

The Bharatiya Janata Party (BJP) "suffered a setback in the Lok Sabha elections. It needs to rebuild itself to meet the challenges of the future. At this point Advani agreed not to persist with his suggestion (of stepping down)," Rajnath Singh said.   

On Monday, the BJP held a meeting of its parliamentary board, general secretaries and the chief ministers of states ruled by the National Democratic Alliance (NDA) which it leads.   

Rajnath Singh told the leaders that Advani's leadership and guidance was needed and he has been requested to continue as the leader of the party in the 15th Lok Sabha.   

Advani, 81, insisted at a meeting of the BJP parliamentary board Saturday evening that a new leader be elected after the NDA came a distant second to the Congress-led United Progressive Alliance (UPA) in the general elections.    

However, the parliamentary board refused to heed his suggestion. It was then decided that the BJP president would discuss the issue with Advani and convince him to reconsider his views.