December 27, 2012 / 3:57 AM / 5 years ago

Rupee rises for third day; 54.50 strong support

A Kashmiri shopkeeper staples together Indian currency notes to make a garland at a market in Srinagar September 3, 2012.Fayaz Kabli/Files

Reuters Market Eye - Rupee extends gains for a third session, pair at 54.75/77 versus 54.8350/8450 close on Wednesday.

Dealers say strong capital inflows continue to support the rupee with inflows into stocks having topped $24 billion so far in 2012, with over $4 billion in December alone.

Month-end oil related dollar demand may offer some support to pair, dealers say.

Pair has immediate support at 54.65, which offered good resistance on way up, followed by stronger support at 54.50.

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