Rupee rose for a third consecutive session on Friday as the dollar lost ground versus major currencies, but month-end dollar demand is likely to keep a check on sharp gains. At 9:45 a.m. (0415 GMT), the partially convertible rupee was at 47.46/48 per dollar, 0.3 percent stronger than its Thursday's close of 47.60/62. "The rupee has adjusted a bit to the euro's gains against the dollar and expectations of a higher stocks opening. It is likely to be in a 47.40-60 range today," a senior dealer with a private bank said. "There may be some residual month-end dollar demand from importers which could limit rupee's gains," he added. Oil refiners, the largest buyers of dollars in the Indian market, generally make their payments at the end of every month. The dollar index, a gauge of the U.S. unit's performance versus six majors, was down 0.4 percent, helping rupee sentiment. The dollar was under pressure after strong U.S. durable goods data on Thursday prompted investors to trim holdings of the safe-haven currency. India's main stock index is expected to start higher, with investor confidence supported by firmer Asian peers, putting it on course to post a 12th consecutive weekly rise for the first time in four years. One-month offshore non-deliverable forward contracts were quoting at 47.55/65, marginally weaker than the onshore spot rate.

Source