Mumbai: The rupee strengthened on Monday, boosted by gains in other Asian currencies and domestic shares. At 10:20 a.m. (0450 GMT), the partially convertible rupee was at 46.13/14 per dollar versus Friday's close of 46.30/31.
Support for the rupee is seen at 46.00, traders said, adding that the rupee could go to 45.80 if this breaks.
"The rupee is tracking stocks today, (and) certain oil companies are buying dollars at this level, but further buying interest could come in closer to 46.00," said a senior trader at a foreign bank.
Indian shares were trading 1.14 percent higher, while most Asian currencies were stronger against the dollar on Monday.
The dollar slipped on Monday as investors reassessed the chances of a earlier-than-expected interest rate hike by the Federal Reserve, while the euro was lifted by speculation of a quick bailout for Greece.
The index of the dollar against six majors was down 0.26 percent. One-month offshore non-deliverable forward contracts were quoting at 4.14/24, little changed from 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 quoting at 46.15, with the total traded volume on the two exchanges at about $833 million.
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