Rupee extends gains post trade data

 The rupee is trading at 54.08/09 versus its previous close of 54.21/22 but off the day's high of 53.96 as some dollar short-covering seen with importers like oil firms stepping in to buy the greenback.

The government said exports had hit $300.6 billion for the fiscal year ended March, higher than some estimates and marking a 1.76% decline from the previous fiscal year, the trade ministry said in a statement.

Traders expect the pair to hold in a 53.90 to 54.25 range in rest of the session.