Rupee remains strong, shares aid

The rupee continued to strengthen on Friday aided by local share gains, while hopes of increased foreign fund inflows on expectations of renewed risk appetite following positive sign from Greece also supporting sentiment.

* Greece averted on Friday the immediate risk of an uncontrolled default, winning strong acceptance from its private creditors for a bond swap deal which will ease its massive public debt and clear the way for a new international bailout.

* At 1:45 pm, the rupee was at 49.9725/9800 to the dollar, stronger than its Wednesday's close of 50.28/29. The market was closed on Thursday for a local holiday.

* The BSE Sensex snapped a three-day fall and gained more than 1.6%.

* Traders said the rupee is likely to swing in a wide range, between 49.74 and 50.37, with payments for oil imports a key driver.

* Oil is India's largest import item and refiners are the biggest buyers of dollars in the local forex market. Brent crude held above $125 a barrel, heading for its sixth weekly gain in seven.

* Traders will also be wary ahead of the US jobs data due after the local market closes on Friday.