The rupee appreciated 5 paise to 77.52 against the US dollar in Wednesday’s opening session as the firm trend in domestic equities boosted investor confidence.
However, soaring global crude prices and relentless foreign capital outflows have limited the local unit’s appreciation bias, traders said.
On the interbank exchange, the rupee opened at 77.54 against the US dollar, then gained a little more ground to quote 77.52, registering a rise of 5 paise compared to the previous close. It was moving in a narrow range of 77.54 to 77.51 in early trades.
During the previous session, the rupee stood at 77.57 against the US currency.
The dollar index, which gauges the strength of the greenback against a basket of six currencies, was trading up 0.06% at 101.92.
On the domestic stock market front, the 30-stock Sensex traded 242.62 points or 0.45% higher at 54,295.23 points while the broader NSE Nifty climbed 68.85 points or 0, 43% to 16,194 points.
Brent futures, the global oil benchmark, jumped 1.20% to $114.92 a barrel.
Foreign institutional investors remained net sellers in the capital market on Tuesday as they dumped shares worth Rs 2,393.45 crore, according to stock market data.
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