Indian rupee extended gains in afternoon trade Wednesday as local stocks surged in the second session amid dollar’s weakness against major currencies abroad.
The partially convertible rupee was seen trading at 48.25 per dollar at 3.00 p.m it’s highest since Aug. 14 and above its previous close of 48.65 per dollar.
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Local stocks rose more than 1 percent, helped by a rise in global markets and as higher advance tax data bolstered hopes for stronger quarterly corporate earnings.
The dollar index, a gauge of the US unit's performance versus six majors, was down 0.4 percent. Asian units too were trading stronger.
In the currency futures market, the most traded near-month contracts on the MCX-SX and NSE were both quoting at 48.4375 each, with the total traded volume on the two exchanges at about $552 million.
