RTRS: India rupee extends gains as shares pare some losses
MUMBAI, Feb 15 (Reuters) - The Indian rupee extended gains in afternoon trade on Monday as domestic shares pared some losses with little direction from other regional markets, most of which are shut for the Lunar New Year.
* At 2:25 p.m., the partially convertible rupee INR=IN was at 46.34/35 per dollar, stronger than its 46.50/51 previous close last Thursday. Indian financial markets were shut on Feb. 12 for a local holiday.
* Most Asian markets are shut on Monday and Tuesday for Lunar New Year holidays, while New York is shut on Monday for the Presidents Day holiday.
* Dealers said the market would be rangebound in lacklustre trade in the absence of fresh triggers, with inflation data having failed to provide any new cues.
* India's headline inflation in January accelerated to its fastest pace in more than a year, crossing the central bank's end-March inflation forecast and putting more pressure on the bank to raise borrowing rates. [ID:nSGE61E06Z]
* Indian shares were trading down 0.5 percent. [.BO]
* One-month offshore non-deliverable forward contracts INR1MNDFOR= were quoted at 46.32/42, little changed from the onshore spot rate.
* In the currency futures market INRFUTURES, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 46.3650, with the total traded volume on the two exchanges at about $2.2 billion. (Reporting by Swati Bhat)
