Rupee extends gains as shares rise, dollar falls

Rupee extends gains as shares rise, dollar falls

Mumbai: The Indian rupee extended its gains in afternoon session on Wednesday tracking a steady domestic sharemarket, with the dollar’s losses against some major units also supporting sentiment.

At 2:55pm, the partially convertible rupee was at Rs46.64/65 per dollar, higher than Rs46.71/72 at close on Tuesday.

Moody’s Investors Services on Tuesday raised its outlook on India’s local currency rating to positive from stable, citing the country’s strong external position and resilience to the global credit crisis.

The index of the dollar against six major currencies was down 0.1%.

Local shares were trading up 0.6% after having dropped 0.6% earlier.

In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs46.6925 and Rs46.6900 respectively, with the total traded volume on the two exchanges at about $2.8 billion.