The rupee strengthened in early trade against the US dollar on the back of rising equities and fresh dollar sales. The currency was last trading at 60.04, up 11 paise against the dollar.
The currency is expected to remain volatile as we head into the last few days ahead of the election results due on May 16. Analysts are expecting the currency to rally should the NDA cross the 230 seats mark. Levels of 58 against the dollar cannot be ruled out should we have a stable NDA government, which is largely what the forex markets are factoring.
The rupee lost heavy ground in August last year and slumped to a record low of 68.86 against the dollar. However, improving economic fundamentals particularly the current account deficit has lifted the rupee from the record low to the current levels. Check rupee rates here
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