The rupee might continue to appreciate against the dollar till the elections are over, as historical evidence shows that the currency generally tends to do well heading into an election quarter, according to a report by Deutsche Bank. But it might depreciate after that, it said. The rupee however might not be as volatile as it was last year.

The New York attorney general's office is looking into ties between Deutsche Bank and Investors Bank and several Trump Organization projects, the New York Times reported late on Monday. The attorney general's office issued subpoenas late Monday to the banks, which opens an additional line of inquiry into Deutsche Bank's dealings with Trump, the newspaper reported, citing one unnamed source.

Deutsche Bank AG's premises, including its headquarters in Frankfurt were being searched by prosecutors in a money laundering probe, prosecutors said in a statement. Two bank employees, aged 50 and 46, were targeted as suspects in the case, according to the statement. Prosecutors said about 170 officials and police were involved in the raids. Deutsche Bank shares fell as much as 4.7% on Xetra.