The Indian rupee extended gains on Wednesday supported by firm local shares and weak dollar, but eased from the day's high on dollar demand from oil importers. The partially convertible rupee closed at 45.62/63 per dollar, off the day's high of 45.54 but stronger than its previous close of 45.755/765. The unit had weakened to 46.01 on Monday, its lowest since November 30.
Dealers said the rupee could strengthen on Thursday on the back of the euro extending gains against the dollar. One-month offshore non-deliverable forward contracts were quoted at 45.87, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange were all at 45.8125, with the total traded volume at $3 billion.
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