The rupee recovered 44 paise to 76.56 against the US dollar

Brent crude futures, the global oil benchmark, traded 1.88% lower at $125.57 a barrel

Brent crude futures, the global oil benchmark, traded 1.88% lower at $125.57 a barrel

The rupee appreciated 44 paises to 76.56 (prelim) against the US dollar on Wednesday after crude oil prices fell and domestic stocks rallied.

On the interbank FX market, the local unit opened at 76.90 against the greenback, seeing daily highs of 76.55 and lows of 76.92.

The rupee was trading at 76.56 as of 3:30 p.m., up 44 paise from its previous close.

On Tuesday, the rupee fell 7 paise to close at an all-time low of 77 against the US dollar, weighed down by rising crude oil prices.

The rupee rose on a rebound in risky assets and expectations of bond market inflows as global fund houses exclude Russian debt from bond indices, said Dilip Parmar, research analyst at HDFC Securities.

Stocks appear to be supported ahead of a meeting between Ukrainian and Russian foreign ministers in Turkey tomorrow, at which a ceasefire of sorts in Ukraine may emerge, Mr Parmar added.

“Rupee bears appear to be resting before pushing towards 77.60. In the short term, we expect consolidation in the 76.40 to 76.90 range,” he noted.

The dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.40% to 98.66.

Brent crude futures, the global oil benchmark, traded 1.88% lower at $125.57 a barrel.

On the domestic stock market front, the BSE Sensex closed up 1,223.24 points, or 2.29%, to 54,647.33, while the broader NSE Nifty was up 331.90 points, or 2.07%, to 16,345.35.

Foreign institutional investors remained net sellers in the capital market on Tuesday, selling ₹8,142.60 crore of shares, according to stock market data.

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