Rupee higher after diesel deregulation, election results

Mumbai: The rupee is trading at 61.22 versus the dollar compared with Friday's close of 61.44/45.

India ended diesel controls and raised gas prices on Saturday. The measures should lower the government's fiscal subsidies.

The Bharatiya Janata Party's win in state elections raises expectations the government will step up the pace of economic reforms.

The Nifty rises 1.25 percent.