On the interbank forex exchange, the rupee opened at 76.08 against the US dollar and gained momentum to trade at 75.99, registering a 19 paise jump from the previous close.
On the interbank forex exchange, the rupee opened at 76.08 against the US dollar and gained momentum to trade at 75.99, registering a 19 paise jump from the previous close.
The rupee rose 19 paise to 75.99 against the US dollar in opening trade on Wednesday, trailing its emerging market peers amid broad dollar weakness.
On the interbank forex exchange, the rupee opened at 76.08 against the US dollar and gained momentum to trade at 75.99, registering a 19 paise jump from the previous close.
The rupee was flat against the US currency on Tuesday at 76.18.
The rupee opened stronger this Wednesday, following weakness in the greenback and oil overnight, said Sriram Iyer, senior research analyst at Reliance Securities.
However, the appreciation bias may be limited as Fed officials remain hawkish on the rate hike scenario and this push leads to higher yields, Iyer added.
In addition, peers from Asia and emerging markets were stronger this Wednesday morning and could boost sentiment, he noted.
Meanwhile, the dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.02% to 98.47.
Global oil benchmark Brent crude futures rose 1.54 percent to $117.26 a barrel.
On the domestic stock market front, the Sensex traded 30.3 points, or 0.05%, higher to 58,019.60, while the broader NSE Nifty was up 23.30 points, or 0.13%, to 17,338.80.
Foreign institutional investors emerged as net buyers in the capital market on Tuesday, buying shares worth Rs 384.48 crore, according to stock market data.
