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The Indian rupee today (December 17) extended its gains against the greenback for the third day in succession by closing higher by another 25 paise at 47.66/67 though it could not keep up with the surge it saw in early trade.

The domestic unit had gained over 60 paise in the morning on hopes of fresh capital inflows following rate cut by the US Federal Reserve amid weak dollar overseas. There has been intense anticipation of inflow of dollars for the past three days which saw the rupee rose by 79 paise or 1.63 per cent.

The Indian textile and clothing sector (T&C) is undergoing a challenging phase, leading to weaker credit profiles, according to Fitch Ratings. Profitability has been hit by a number of factors: high cotton prices, inflation-led hikes in wages and other input costs, the higher cost of credit and forex losses.