The rupee was trading strong by 14 paise at 60.00 against the dollar at 3.57 p.m. local time.
The domestic unit opened significantly higher at 59.97 per dollar against the previous close of 60.14 on fresh dollar selling by exporters.
The rupee hovered in the range of 59.96-60.05 against the dollar during the morning trade.
According to dealers, a higher opening in the domestic equity market and weakness in the dollar index overseas supported the domestic unit.
Amid cautious stand by market participants, investors are waiting for the election results due on May 16.
Call rates, bonds
The overnight call money rate (the rate at which banks borrow money from each other to overcome short-term liquidity mismatches) opened higher at 8.1 per cent against the previous close of 7.25 per cent.
The yield on 10-year benchmark 8.83 per cent bond, maturing in 2023, remained flat at 8.78 per cent . Bond prices dropped to Rs 100.27 from Rs 100.31. Bond yields and prices move in opposite direction.
