2012.10.1702:15:00UTC+00Indian Rupee Rises To 5-day High Against US Dollar

The Indian rupee extended previous session's uptrend against the US dollar on Wednesday in Asia, staying back above the 53 per dollar mark for the second consecutive day, on the back of a rally in domestic equities.

Indian shares rose on firm Asian cues amid signs of improvement in the world's largest economy. Additionally, Moody's Investors Service retained Spain's government bond rating at Baa3, citing a reduction in the risk of losing market access, bolstering investor sentiment.

The rupee advanced to 52.68 against the US dollar, up 0.38 percent from Tuesday's close of 52.8850. The recent downtrend of the rupee seems to have a correction from a key demand zone around the 51.25/30 area and the domestic unit is poised to extend its advance towards the pivotal 51.0 level after a gap of more than 6-months.