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After a sharp opening, the Indian rupee erased some morning gains, recording an increase of 22 paises to 72.78 per dollar
. ] The rupee has risen against the US dollar after the mid-term elections showed the Democrats took control of the house, reaching the magic mark of the 218 seats guaranteeing the majority after overthrowing several Republican-controlled seats . The elections yielded the most awaited result: a split in control of the US Congress, Democrats gaining control of the House of Representatives and Republicans cementing their majority in the Senate. This is above average performance; Motilal Oswal said the presidential party usually loses Senate seats mid-term.
Today, the USD-INR should be between 72.50 and 73.05, he added.
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