The Indian rupee extended gains in the afternoon session on Wednesday on a sudden large dollar inflow in the market, four dealers said. Firm local shares and strong Asian peers also helped sentiment. Enlarge This Image Reuters The rupee ended stronger on Monday as investors took comfort from the $1 trillion emergency rescue package aimed at preventing Greece's debt crisis from spreading through the euro zone. The partially convertible rupee was at 47.24/25 per dollar, after rising as high as 47.1650 and stronger than 47.35/36 at close Tuesday. The money could be from a western Indian commodity trading firm which recently raised funds overseas, dealers said. Indian shares were trading up 0.5 percent tracking stronger regional sharemarkets and overnight gains in U.S. stocks. Most Asian currencies also rose against the dollar. One-month offshore non-deliverable forward contracts PNDF were quoted at 47.49, weaker than the onshore spot rate, suggesting a bearish near-term outlook. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 47.29, with the total traded volume on the two exchanges at about $3.8 billion.

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