Markets

Indian rupee hits 11 month high; RBI intervention in focus

Published May 19, 2014 Updated May 19, 2014 05:56am

1 min

By Shoaib Ur Rehman

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MUMBAI: The Indian rupee rose to its strongest in 11 months against the dollar on expectations of continued robust foreign buying in domestic shares and debt after the Bharatiya Janata Party swept the country's elections.

However, traders expect dollar buying from the central bank to limit broader gains in the rupee.

At 9:04 a.m (0336 GMT), the Indian rupee was trading at 58.49/50 per dollar, after hitting 58.47, its strongest since June 18, 2013.

The USD/INR pair had closed at 58.79/80 on Friday.

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