At the interbank foreign exchange, the domestic unit opened strong at 75.10 against the U.S. dollar and further strengthened to 75.09, showing a sharp gain of 26 paise against the previous close.
The rupee appreciated 26 paise to 75.09 against the U.S. dollar in opening trade on Wednesday, supported by lower crude prices and a weak American currency in the overseas markets.
“However, subdued domestic equity market and foreign fund outflows capped gains of the local unit,” traders said.
At the interbank foreign exchange, the domestic unit opened strong at 75.10 against the U.S. dollar and further strengthened to 75.09, showing a sharp gain of 26 paise against the previous close.
It was oscillating in a close range of 75.13 and 75.09 in early deals.
The rupee had settled at 75.35 against the U.S. currency in the previous session.
The domestic currency market was closed on Tuesday for the ‘Id-E-Milad’ holiday.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.06% to 93.67.
Global oil benchmark Brent crude futures dipped 0.48% to $84.67 per barrel.
On the domestic equity market front, the BSE Sensex was trading 34.52 points or 0.06% lower at 61,681.53, while the broader NSE Nifty declined 8.90 points or 0.05% to 18,409.85.
Foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth ₹505.79 crore, according to exchange data.
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