The rupee opened strong at 59.14 to the dollar as against its close of 59.33 against the dollar on Thursday. The currency was last trading at 59.20 against the US dollar.
The rupee has showed some signs of weakness in the last few trading sessions and dealers say there could have be some intervention from the Reserve Bank of India, which might not want a sharp appreciation in the rupee.
The rupee has declined since the election results were announced after threatening to go beyond the 58 levels.
The currency has shown remarkable recovery since hitting a record lifetime low of 68.86 against the dollar in August last year. A surge in dollar inflows from FIIs and curb in gold imports has helped the current account deficit and in turn the currency in the last few months. Check currency rates here
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