Indian rupee extended gains in morning trade against the dollar as a combination of positive trends in local stocks and weak greenback overseas helped it to strengthen to its highest in seven months.
The partially convertible rupee was at 46.76 per dollar at 10.30 a.m, its strongest since Nov. 5 last year and 0.5 percent above its Tuesday's close of 47.02 per dollar.
Analysts said the RBI is likely to intervene again later during the day to smoothen excessive volatility in the market.
