Mumbai: The rupee strengthened against the dollar in thin trading, tracking gains in the local stock market on Tuesday. The rupee closed at 60.0975 per dollar, up 0.21% from its previous close of 60.23. It touched a high and a low of 60.06 and 60.23 per dollar, respectively. BSE’s benchmark Sensex ended at 22,508.42 points, up 0.28%. “There is nothing happening in the market because traders are avoiding taking any positions ahead of the election results on 16 May,� said a dealer with a French bank. The second-last phase of voting will be held on Wednesday, followed by the last day of polling on 12 May. Since the beginning of this year, the rupee has gained 2.83%, while foreign institutional investors have bought $5.43 billion from local equity markets. The yield on India’s 10-year benchmark bond ended at 8.773%, compared with its Monday’s close of 8.736%. Bond yields and prices move in opposite directions. The dollar index, which measures the US currency’s strength against major currencies, was trading at 79.15, down 0.42% from its previous close of 79.486.

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