The Indian rupee extended Friday's strong rally against the dollar on Monday as domestic equities advanced on upbeat earnings results from Reliance industries. The rupee touched 53.6450 against the dollar, its strongest level since November 2, 2012.
Indian shares rose for a third consecutive session, led by heavyweight Reliance Industries after the energy giant beat forecasts with a 24 percent jump in third-quarter net profit, helped by expansion in petrochemicals and record earnings in the refining businesses.
Also, underlying sentiment remained slightly positive after global ratings agency Moody's reaffirmed India's sovereign rating at 'Baa3' and the outlook as 'stable' for the time being, citing potential for growth, robust domestic savings and a dynamic private sector.
The benchmark BSE Sensex ended the session up 63 points or 0.31 percent at 20,102, while the broader Nifty index rose by 18 points or 0.3 percent to 6,082.
The rupee closed the day's deals at 53.75 per dollar, up from last week's closing value of 53.8450. If the rupee extends advance, likely resistance is seen around the 53.37 level.
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