The rupee was trading marginally higher at 60.04 to the dollar, after hitting 59.96 in early morning trades.
Strong global cues on the back of hints from Fed Chair Person Janet Yellen on the need for an acommodative policy in the US, pushed Asian currencies higher in trade.
The rupee is expected to trade in a range ahead of the election results on May 16. Dealers say the likelihood of a Narendra Modi government at the centre could push the rupee to the 58 levels.
The rupee has seen a smart recovery in the last few months on the back of healthy dollar inflows, particularly from foreign funds. The rupee had hit a historic low of 68.86 against the dollar in August last year, but, has since shown a sharp recovery. Check rupee rates here