The rupee appreciated 4 paise to 83.14 against the US dollar in early trade on Wednesday as robust buying in domestic equities boosted investor sentiment. The local currency opened flat at 83.18 a dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05% higher at 102.21.
On Tuesday, the domestic currency settled at 83.18 against the dollar.
A steady greenback against major currencies overseas amid rise in crude oil prices over supply concerns due to geopolitical situation limited gains in the rupee.
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“Pull back attempts were capped near 83.19, a pivot that had remained potent for most of this month. Upswings now stand to challenge 83.27 and it would require a slippage past 83.09 to initiate declines again,” said Anand James, Chief Market Strategist at Geojit Financial Services.
Global oil price benchmark Brent crude was 0.04% higher at $79.26 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 337.47 points ,or 0.47%, higher at 71,774.66, while the NSE Nifty gained 112.00 points, or 0.52% to 21,565.10.
Foreign institutional investors (FIIs) were net sellers in the equity market on Tuesday as they offloaded shares worth ₹601.52 crore, according to exchange data.
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(With inputs from PTI)
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Published: 20 Dec 2023, 11:22 AM IST