Experts had said earlier that the rupee may not strengthen above the Rs 58.50 mark due to intervention by RBI in order to safeguard exporters interest.
“A lot of custodian flows are were coming in. RBI's sees this as an opportunity to build reserves. If RBI was not present in the market then rupee would have appreciated more," said Mohan Shenoi, president - group treasury and global markets, Kotak Mahindra Bank.