Rupee hits 9-month high of 68.53 a dollar on increased portfolio flow

RBI's proposal to swap $5 billion with banks is also viewed positively by the market

One of the reasons why the rupee is appreciating against the dollar is because the RBI has minimised its intervention in the currency markets

The Indian rupee on Monday strengthened the most among all major currencies in Asia, hitting an eight-and-a-half month high of 68.53 a dollar on increased portfolio flow. 

Rupee gained 0.823 per cent against the dollar in intra-day trade on Monday, the steepest gain in the region, while Korean won gained 0.442 per cent. Year-to-date, the rupee has gained 1.8 per cent, whereas some others in