On Tuesday, the rupee was down 21 paise to close at 76.50.
On Tuesday, the rupee was down 21 paise to close at 76.50.
The rupee appreciated 29 paises to 76.21 (prelim) against the US dollar on Wednesday, following positive domestic equities and some moderation in crude oil prices.
In the interbank FX market, the domestic unit opened at 76.41 against the US dollar to hit an intraday high of 76.16 and finally closed at 76.21, posting a 29 paise rise from its previous close.
On Tuesday, the rupee was down 21 paise to close at 76.50.
“The rupee is currently trading slightly higher today on the back of overnight declines in crude oil prices and positive domestic equity markets. The weaker US dollar is also supporting the rupee,” said Praveen Singh, AVP fundamentals and commodities analyst, Sharekhan at BNP Paribas.
Mr Singh continued, “We expect the Indian rupee to decline from higher levels as the overall sentiment towards the rupee remains bearish. Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, traded 0.60% lower to 100.35.
“The US dollar is also expected to recover from lower levels as the hawkish Federal Reserve and elevated US bond yields may continue to support the greenback,” Singh said.
On the domestic stock market front, the 30-stock BSE Sensex closed up 574.35 points, or 1.02%, to 57,037.50, while the broader NSE Nifty rose 177.90 points, or 1.05%, to 17,136.55.
Brent crude futures, the global oil benchmark, rose 0.76% to $108.06 a barrel.
Foreign institutional investors were net sellers in the capital market on Tuesday, selling ₹5,871.69 crore of shares, according to stock market data.
