With the rupee touching 11-month high against the US dollar, Finance Secretary Arvind Mayaram on Monday said the domestic currency is not volatile and would remain range bound.

“Rupee will be range bound… It will neither become very strong nor weak, which is the strength of the rupee,” Mayaram told reporters in New Delhi on Monday. The currency is not volatile, he added.

Mayaram said several companies that have taken forward positions will square that off, and therefore the rupee will remain range bound.

Global credit rating agency Moody’s said the election results will have the immediate effect of sustaining investor sentiment, which has also recently boosted India’s equity indices and the rupee.