Rupee extends gains on stocks, weak dollar

Rupee extends gains on stocks, weak dollar

Mumbai: The Indian rupee extended gains in afternoon trade on Thursday tracking a 1% rise in the domestic share market and boosted by the dollar’s drop verus major currencies overseas.

At 3:15pm the partially convertible rupee was at Rs46.71/72 per dollar, stronger than its previous close of Rs46.87/88. Financial markets will be shut on Friday and Monday for holidays.

Indian shares extended gains to 1% on Thursday afternoon, led by in Reliance Industries and Tata Motors, with firm global markets underpinning the positive sentiment.

All other Asian units were also stronger compared to the dollar. The index of the dollar against six majors was down 0.3%.

The dollar dipped on Thursday, coming off three-month highs against a basket of currencies after weak US housing data the previous day dampened optimism about the outlook for the US economy.

In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs46.7325 and Rs46.7300 respectively, with the total traded volume on the two exchanges at about $2.3 billion.