Forex and money markets will remain closed today on account of "Gudi Padwa". It is celebrated on the first day of the Chaitra month in Maharashtra predominantly, to mark the beginning of the New year according to the lunisolar Hindu calendar.
On Friday, the rupee hit an eight-month high, ending at 59.94 to a dollar, although it saw stiff resistance around 60.4, with government banks buying dollars on RBI's behalf. The Indian currency has appreciated almost 13 per cent since it hit a nadir on August 28, 2013, when it touched 68.85 to the dollar during intra-day trade.
The recent rally in the market has come on the back of continued foreign institutional investor (FII) flows. FIIs were net buyers of equities last week, at Rs 7,562 crore. So far this year, they have pumped in Rs 23,284 crore as net buyers.