MUMBAI: The rupee at 48.27/28 per dollar, from Friday's close of 48.73/74, tracking higher domestic shares, while the U.S. unit's weakness versus
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Rupee further extended gains on Monday to fresh two-week highs as losses in the dollar versus major currencies and sharp gains in the local stock market boosted hopes for more capital inflows.
* At 4p.m., the partially convertible rupee was at 48.18/20 per dollar, its strongest since July 6 and 1.1 percent stronger than its Friday's close of 48.73/74.
* Indian shares rose 3 percent to their highest close in 5 weeks as a last-minute rescue of troubled U.S. lender CIT Group and a raft of positive corporate earnings from across the globe fuelled investor appetite for riskier bets.
* Dealers said dollar demand from oil companies was preventing a further rise in the rupee. Oil is India's largest import and refiners are the biggest buyers of dollars in the domestic currency market.
* The dollar fell broadly on Monday, hitting a six-week low against the euro as traders flocked to riskier assets as speculation for solid corporate earnings boosted share prices.
* In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at 48.2350 each, with the total traded volume on the two exchanges at about $1.45 billion.
