Craig Newitt gambled on the ability and toughness of his mount, Lankan Rupee, to overcome not just 11 speedy rivals but the disadvantage of an outside barrier to land the group 1 Manikato Stakes at Moonee Valley on Friday night in a dramatic race in which the Mick Price galloper had to survive a lengthy protest before he could keep the prize.

Lankan Rupee, the market elect, held on in an extraordinary finish where barely a couple of lengths separated the entire field.

The jockeys of the runner up, Damien Oliver on Angelic Light, and Tim Clark on the third-placed Sydney raider Famous Seamus, both fired in protests against the winner, claiming they had suffered interference early in the contest.

But after a marathon hearing stewards dismissed both protests.

Lankan Rupee had been beaten twice this season at Moonee Valley, going down narrowly to Angelic Light on his seasonal reappearance and then by the minimum margin to another of Friday's rivals, Buffering, in the group1 Moir Stakes last month.

Many argued that the horse rated the world's highest-ranked sprinter was not at his best on the tight Valley track.

That might well be the case – and it is undeniable that he will be better suited to the broader expanses of the Flemington straight in the Darley Classic next month – but he showed plenty of guts and determination to gain his first Moonee Valley group 1 in the Manikato.

Newitt knew that his best chance would be to bounce the son of Redoute's Choice out of stall nine and use his early speed to head his rivals, particularly the gritty veteran Buffering who loves nothing better than to high-roll in front and dictate the tempo of a race.

Lankan Rupee responded to his rider's urgings and maintained his gallop throughout, even as the pressure cranked up in the straight as a wall of horses came after him.

Price was a delighted man afterwards and praised the initiative shown by Newitt.

"It's just not the way to ride against Buffering and Buffering was going to be the leader. To go out there and burn a lot of fuel for the first 300 metres and to cross Buffering, I thought it was a very gutsy ride. Thank god it won, otherwise it would have been a butcher. He did all the donkey work from barrier nine and he was there to be run down. It was a very ballsy ride and a very ballsy run by the horse.

"I knew if they ran the race like that there would be a nice one sitting off him, but I wasn't sure which one it would be."

Newitt, who has established a redoubtable partnership with the gelding who was last season voted Australia's racehorse of the year, said: "I reckon he's the only horse in the country to be able to do what he did and burn at both ends and be out on his feet the last 50 metres and just find and find. And he did."

Lankan Rupee had been under an injury cloud after his recent loss to Buffering but he showed his wellbeing on Friday.

Price and Newitt believe the run will be a perfect preparation for his next target, the group 1 Darley Classic on the final day of the Flemington Melbourne Cup carnival, down the straight 1200 metres where in the past he has excelled, winning the Newmarket Handicap in March.

He will meet several of Friday night's rivals in the Darley, as well as Irish raider Slade Power, who has claims to be Europe's top sprinter.

Earlier in the evening, in-form hoop Dwayne Dunn consolidated his lead in the Melbourne jockeys' premiership with a double, while the David Hayes and Tom Dabernig training partnership continued their hot run of form with a double of their own, scoring with Fast N Rocking in the opener, and Tawteen (Stephen Baster) in the listed Chandler Macleod Crockett Stakes (1200 metres).