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)