Mumbai: The rupee extended gains in afternoon trades on Monday on the back of robust dollar inflows, while a strong euro and positive local shares also supported.
At 2:10pm, the partially convertible rupee was at Rs 44.4100/44.4125 per dollar, after touching a high of Rs 44.3950, a level last seen on 3 May. On Friday, it had closed at 44.5825/5925.
Traders said corporates, including a big infrastructure company, selling dollars boosted the rupee.
The euro eased from one-month highs against the dollar after Standard & Poor’s said a debt rollover plan being considered for Greece may put the country into selective default, although solid support at lower levels are likely to check losses.
The index of the dollar against six major currencies was down 0.10% at 74.279 points, while the euro was at $1.4520. The dollar index and the euro were at 74.461 and $1.4492 respectively at the local forex market close on Friday.
Markets were up 0.5% on Monday, after declining risks on Greece’s funding boosted risk appetite.
Foreigners preferred Indian equities the most in Asia in the week to 1 July and pumped in $1.1 million, data from Nomura showed.