MUMBAI: The Indian rupee extended gains in afternoon session on Wednesday tracking the dollar's losses against major currencies and boosted by gains in the domestic sharemarket. The partially convertible rupee was at 45.12/13 per dollar, after rising to 45.08 and stronger than 45.30/31 at previous close. It had opened marginally weaker at 45.33. Shares were trading up half a percent after starting down, tracking mixed cues from Asian markets. Foreign fund flows into and out of the sharemarket set the trend for the rupee. So far in 2010, foreigners have invested a net $6 billion in Indian equities, adding to record inflows of $17.5 billion in 2009. The index of the dollar against six major currencies was up more than 0.4 percent. One-month offshore non-deliverable forward contracts were at 45.22, 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 45.1925, with the total traded volume on the two exchanges at about $6.3 billion on rupee.

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