The rupee had closed at 75.03 against the US dollar on October 27.
The rupee rose 16 paise to 74.87 against the US dollar in early trade on October 28 amid softening crude oil prices.
At the interbank foreign exchange, the rupee opened stronger at 74.92 against the dollar and rose 16 paise over its previous close, to touch 74.87 in early deals.
On October 27, the rupee had closed at 75.03 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.04% to 93.84.
Global oil benchmark Brent crude futures fell 2.03% to $82.86 a barrel.
On the domestic equity market front, the BSE Sensex was trading 363.32 points or 0.59% lower at 60,780.01, while the broader NSE Nifty was trading 119.75 points or 0.66% lower at 18,091.20.
Foreign institutional investors were net sellers in the capital markets on Wednesday as they sold shares worth 1,913.36 crore, according to exchange data.
According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, the USD/INR range for the day is in the range of 74.80 to 75.20.
“Markets await US Fed meeting, but equities are down while currencies are in a range. On Wednesday, there was buying from ONGC and BPCL which may continue on Thursday as well.
Mr Bhansali further added that “therefore, exporters can sell above 75 at 75.10 and importers can buy near 74.80.”
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