Indian rupee hits fresh 11-month high; RBI watched

MUMBAI Thu May 22, 2014 11:53pm EDT

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MUMBAI May 23 (Reuters) - The Indian rupee hit a fresh 11-month high of 58.3650 per dollar on Friday, tracking stronger domestic shares and following gains in Asian markets on improved risk appetite globally.

The rupee was at 58.3825/4000 at 0349 GMT, after gaining to 58.3650, a level last seen on June 18. It had closed at 58.4675/4775 on Thursday.

However, traders said they expect the Reserve Bank of India to buy dollars and stem the rupee's rise. (Reporting by Neha Dasgupta; Editing by Subhranshu Sahu)

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