MUMBAI: The Indian rupee continued to strengthen on Thursday afternoon, boosted by gains in domestic shares that raised expectations of capital inflows, while losses in the dollar against major units also helped. At 2:42 pm, the partially convertible rupee was at 46.57/58 per dollar, stronger than its close of 46.98/99 on Wednesday. Indian shares gained as much as 1.9 percent tailing other Asian peers that rose after solid US home sales data lifted sentiment and sparked a rally on Wall Street overnight. The index of the dollar against six major currencies was 0.3 lower. Almost all Asian peers were stronger compared to the dollar. One-month offshore non-deliverable forward contracts were quoted at 46.72, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 46.74, with the total traded volume on the two exchanges at about $4.9 billion.

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