Non-deliverable forwards indicate the rupee will open at 83.10-83.12 to the U.S. dollar, compared with 83.4625 in the previous session.
The "big down move" at the open for the dollar/rupee will "likely run into good buying interest", a forex trader at a bank said.
"Only once the actual results confirm what the exit polls are forecasting do I think that a dip below 83.00 is possible."
Weekend exit polls projected the alliance led by Modi's Bharatiya Janata Party (BJP) to increase its 303 seats in the 543-member lower house of Parliament and possibly get a two-thirds majority.
Exit polls in India have a patchy record, often getting the outcome wrong. The actual results will be announced on Tuesday.
"If the exit polls are accurate ... it would leave the BJP with a very strong mandate from which to continue enacting growth-enhancing structural reforms," Capital Economics said in a note.
Goldman Sachs said that "political continuity would contribute to a stable macro-economic environment and continuing reforms."
The rupee dropped 0.2% on Friday, in the lead-up to the exit polls.
On Friday, we witnessed "sizable" hedging from importers and dollar short exits, another fx trader said.
"These positions will need to be rebuilt and is good in a way (for the rupee)," he said.
Following the election results on Tuesday, the focus will shift to the Reserve Bank of India's policy decision and U.S. non-farm payrolls, both due Friday.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
