Rupee extends rise tracking dollar; shares eyed

Rupee extends rise tracking dollar; shares eyed

Mumbai: The Indian rupee extended its gains in the afternoon session on Wednesday, tracking the dollar’s weakness versus major currencies while local shares also pared losses, further aiding the local unit.

At 1:45pm, the partially convertible rupee was at Rs46.72/73 per dollar, firmer than Rs46.84/85 at close on Tuesday.

The index of the dollar against six majors was down marginally and would be watched for cues. Most Asian currencies too were stronger than the dollar.

India’s main stock index retraced most of its losses and was trading down just 0.2% on weak world markets, a day after hitting a 31-month high.

In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were at Rs46.8525 and Rs46.85 respectively, with the total traded volume on the two exchanges at about $3.15 billion.