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Indian rupee extend gains as stx rise over 2%

Posted on: April 29, 2009


Reuters – 1 hour 48 minutes ago

MUMBAI, April 29 – The Indian rupee extended gains in afternoon session on Wednesday as stocks rose over 2 percent and the dollar’s weakness against major currencies overseas continued to support sentiment.

* At 1:50 p.m., the partially convertible rupee <INR=IN> was at 50.17/18 per dollar, stronger than its Tuesday’s close of 50.52/53. Indian financial markets will remain closed on Thursday and Friday for local holidays.

* The dollar was down against other major currencies apart from the yen on Wednesday as risk aversion eased somewhat, after stronger-than-expected U.S. economic data offset concerns about the banking sector and swine flu. [USD/]

* The dollar index <.DXY>, a gauge of the U.S. performance against six major currencies, was down 0.3 percent.

* Indian shares <.BSESN> were trading 2.6 percent higher, lifted by gains in Asia and as the expiry of monthly derivatives contracts ahead of a long weekend pushed investors to cover their short positions. [.BO]

* In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at 50.2975 eact, with the total traded volume on the two exchanges at about $476 million.

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