Rupee gains on Greek relief; RBI awaited

The rupee gained in early trade on Monday as risk assets rallied after Greece elections gave a slim majority to pro-bailout parties, with the focus shifting to the central bank policy decision later in the day.

The Reserve Bank of India (RBI) is widely expected to cut interest rates by at least 25 basis points and may also cut the cash reserve ratio.

At 9:07 am local time, the rupee was at 55.36/38 to the dollar versus its Friday close of 55.39/40.