Exchange Rate squeezed up the inner in the straight to make a winning start over timber in the opening novice hurdle at Wexford this afternoon.

Willie Mullins' charge was sent to post the 8/11 favourite for the two-miler having won both his starts last summer, a bumper at Downpatrick and a Flat maiden at Galway.

Paul Townend sat in behind the leaders on the hotpot before taking closer order on the turn for home.

He came to challenge front-runner Commander Won up the rail after the second last but hadn't much room going to the final flight as that rival drifted left.

The Monsun gelding was pushed out to secure the lead on the run-in and went on to post a cosy length victory.

"It was getting a bit tight at the last, but he was very good and he'll come on a lot for it as well." said Townend.

Commander Won was subsequently disqualified from second and his rider James O'Sullivan was found guilty of dangerous riding. He was handed a 14 day ban.

(Quotes by Donal Murphy)