Lower crude prices in the international market and a subdued dollar overseas supported Indian rupee
In a range-bound session, the rupee appreciated by 5 paise to close at 75.54 (provisional) against the U.S. dollar on Wednesday as a firm trend in domestic equities boosted investor sentiments.
Besides, lower crude prices in the international market and a subdued dollar overseas also supported the local unit, forex dealers said.
The rupee resumed higher at 75.56 per dollar against the previous close of 75.59 at the interbank foreign exchange market and hovered in a range of 75.48 to 75.65 before settling at 75.54, registering a rise of 5 paise.
On the domestic equity market front, the BSE Sensex ended 611.55 points or 1.09% higher at 56,930.56, while the broader NSE Nifty surged 184.60 points or 1.1% to 16,955.45.
Brent crude futures, the global oil benchmark, fell 0.26% to $73.79 per barrel.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.04% at 96.45.
Foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth ₹1,209.82 crore, exchange data showed.
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