The rupee gained 30 paise in trade - a day ahead of the election results. The currency was last trading at 59.55, up 13 paise over the dollar.
Dealers are eagerly awaiting the outcome of the election results, though the Indian forex markets have not shown much volatility like the equity markets ahead of the election results.
It's possible if that the election results are a shocker, the RBI might step in to tame volatility especially on the downside, since the central bank has boosted its forex reserves significantly in the last few months.
The RBI might also not allow the rupee to rally significantly to enure that exporters are protected, which is a good move in the medium to long run.
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