Rupee extends gains on second day; euro rise hurts

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The Indian rupee extended gains for a second straight session to 52.68/69 against the dollar, tracking a risk-on mood globally after strong U.S. earnings reports and after Spain averts a ratings downgrade.

It had closed at 52.87/88 in trade on Tuesday.

Traders now expect USD/INR to hold in a 52.40 to 52.80 range for the day. All other Asian currencies are also trading stronger compared with the dollar.

Meanwhile, the euro hit a one-month high against the dollar and yen after Moody’s affirmation of Spain’s credit ratings eases concerns the euro zone debt crisis would have worsened had Madrid been cut to junk status.

Traders said they will also watch the domestic stock market moves for direction during the day.

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