At the interbank forex, the domestic unit strengthened at 75.10 against the US dollar and rose to 75.09, showing a sharp rise of 26 paise over the previous close.
The rupee rose 26 paise to 75.09 against the US dollar in early trade on Wednesday on lower crude oil prices and support for a weak US currency in overseas markets.
“However, softening in the domestic equity market and foreign fund outflow limited the gains of the local entity,” traders said.
At the interbank forex, the domestic unit strengthened at 75.10 against the US dollar and rose to 75.09, showing a sharp rise of 26 paise over the previous close.
It was fluctuating in the close range of 75.13 and 75.09 in the opening trades.
The rupee had closed at 75.35 against the US currency in the previous session.
The domestic currency market remained closed on Tuesday on account of Eid-e-Milad holiday.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.06 per cent to 93.67.
Global oil benchmark Brent crude futures fell 0.48 per cent to $84.67 per barrel.
On the domestic equity market front, the BSE Sensex was trading 34.52 points or 0.06 per cent lower at 61,681.53, while the broader NSE Nifty was trading 8.90 points or 0.05 per cent lower at 18,409.85.
Foreign institutional investors were net sellers in the capital markets on Tuesday as they sold shares worth Rs 505.79 crore, according to exchange data.
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