The rupee continued its winning streak for a fourth straight session, gaining 19 paise to 75.97 against the US dollar on Tuesday, as risk appetite improved amid broader weakness in the greenback and a firm trend in domestic equities.
However, forex traders said continued outflows of foreign funds limited gains in the domestic unit.
In the interbank FX market, the local unit opened higher at 75.97 but pared some of the gains to touch the daily low of 76.15. It posted an intraday high of 75.90.
The rupee was trading at 75.97 at 4pm, up 19 paise from its previous close. In the previous session, the rupee had settled at 76.16 against the US dollar.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell sharply 0.34% to 98.71.
Brent crude futures, the global oil benchmark, rose 0.60% to $113.15 a barrel.
On the domestic stock market front, the BSE Sensex closed up 350 points, or 0.61%, to 57,943.65, while the broader NSE Nifty was up 103.30 points, or 0.60%, to 17,325.30.
Overseas institutional investors remained net sellers in the capital market on Monday, as they sold ₹801.41 crore of shares, according to stock market data.
According to the latest Public Debt Management Report, the government’s total debt increased from 125.71 lakh crore in the three months ended September 2021 to 128.41 lakh crore in the December quarter.
The increase reflects a 2.15% increase on the previous quarter in the October-December 2021-22 period.
The report released by the Treasury Department on Monday said that the national debt accounted for 91.60% of the total outstanding debt in the December quarter, compared to 91.15% at the end of September.