LM:Rupee extends gains; corporate dollar inflows seen
Mumbai: The rupee extended gains to 54.57/58 on Wednesday against its previous close of 54.85/86 on the back of dollar inflows with a power sector firm, traders said.
Power Finance Corp. Ltd, which was likely to raise $500 million (around Rs.2,735 crore) via mid-term notes this week at the earliest, was rumoured to have sold around $300 million, three dealers said.
Gains in the euro and the domestic share market also hurt the dollar.
Traders said that further losses towards 54.50 cannot be ruled out though buying may emerge from oil and gold importers.
