The rupee on Wednesday edged higher by 22 paise at 74.46 (provisional) against the US dollar on easing crude oil prices and foreign fund inflows into domestic IPOs.
Besides, a weak US currency in the overseas market also helped the local unit, forex dealers said.
At the interbank forex market, the rupee opened stronger against the greenback at 74.64 and later recovered 22 paise to close at 74.46 against its previous close of 74.68.
The local unit traded in a range of 74.46 to 74.64 in the day’s trade.
Global oil benchmark Brent crude futures fell 1.63% to $83.34 a barrel.
On the domestic equity market front, the BSE Sensex closed 257.14 points or 0.43% lower at 59,771.92, while the broader NSE Nifty fell 59.75 points or 0.33% to 17,829.20.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.03% to 94.04.
Foreign institutional investors were net buyers in the capital markets on Tuesday as they bought shares worth 244.87 crore, according to exchange data.
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