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Rupee hits new 3-week highs on firm shares
December, 06th 2010

The Indian rupee extended its rise in afternoon session on Monday boosted by firm domestic shares and Asian currencies, but some dollar demand from importers limited further sharp gains.

At 1:20 p.m., the partially convertible rupee was at 44.81/82 per dollar, after hitting 44.7950, its highest since Nov. 12 and above 45.10/11 at close on Friday. Last week, the rupee had risen 1.6 percent, its best weekly gain in 2 months.

Indian shares were up 0.9 percent as a rapidly growing domestic economy continued to attract investors. Firm Asian equities also underpinned sentiment.

The dollar on Monday recouped some ground lost from a renewed focus on U.S. quantitative easing, and was helped by short covering, while the euro fell back towards channel support ahead of a meeting of European finance ministers.

Most Asian currencies rose versus the dollar. However, the index of the dollar against six major currencies was flat and would be watched for cues.

One-month offshore non-deliverable forward contract were quoted at 45.05, 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 45.01, with total traded volume on the three exchanges at $2.8 billion.

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