Markets

India rupee hits 1 month high, but more gains seen capped

Published May 7, 2014 Updated May 7, 2014 05:50am

1 min

By Shoaib Ur Rehman

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MUMBAI: The Indian rupee strengthened to above 60 per dollar on Wednesday boosted by gains in other Asian currencies and corporate greenback sales, although traders said broader gains would be capped ahead of national election results next week.

The partially convertible rupee was trading at 60.00/01 per dollar at 10:20 a.m. (0450 GMT), after hitting as much as 59.96, its strongest since April 9 and above its close of 60.11/12 on Tuesday.

Traders said some dollar selling from a large engineering firm helped the rupee.

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