On Tuesday, the rupee had fallen 21 paise to close at 76.50.
On Tuesday, the rupee had fallen 21 paise to close at 76.50.
The rupee on Wednesday gained 29 paise to close at 76.21 (provisional) against the US dollar, tracking positive domestic equities and some softening in crude oil prices.
In the interbank forex market, the domestic unit opened at 76.41 against the US dollar and touched an intra-day high of 76.16 and finally closed at 76.21, registering a rise of 29 paise over its previous close.
On Tuesday, the rupee had fallen 21 paise to close at 76.50.
Praveen Singh, AVP – Fundamental Currency & Commodities Analyst, Sharekhan, BNP Paribas said, “The rupee is trading marginally higher today on positive domestic equity markets and overnight decline in crude oil prices. A softer US dollar is also supporting the rupee.
Mr. Singh further said, “We expect the Indian rupee to fall again from higher levels as the overall sentiment for the rupee remains negative. Geopolitical tensions due to tensions between Russia and Ukraine may put pressure on the rupee again. is.” Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.60% lower at 100.35.
“The US dollar is also expected to recover from lower levels as the bullish Federal Reserve and higher US bond yields may continue to support the greenback,” Mr Singh said.
On the domestic equity market front, the 30-share BSE Sensex closed 574.35 points or 1.02% higher at 57,037.50, while the broader NSE Nifty ended 177.90 points or 1.05% higher at 17,136.55.
Global oil benchmark Brent crude futures rose 0.76% to $108.06 per barrel.
Foreign institutional investors were net sellers in the capital markets on Tuesday as they sold shares worth ₹5,871.69 crore, according to stock exchange data.