As equity rallied in India on Wednesday, the rupee appreciated by five paise to 77.52 against the dollar (21.12 against the UAE dirham) in the opening trade, but the increase in oil prices and unabated capital outlaws increased investor sentiments.
India’s interbank foreign currency rates versus the US dollar opened at 77.54 and then jumped to 77.52, up to five paise from the previous closing. The dollar index that measures the greenback’s strength against a basket of six currencies was up 0.06% higher at 101.92.
Early trades ranged from 77.54 to 77.51. Against the American dollar, the rupee closed at 77.57 in the previous session. The 30-share Sensex rose by 242.62 points, or 0.45 percent, to 54,295.23 points, while the broader NSE Nifty rose by 68.85 points, or 0.43 percent, to 16,194 points.
Brent crude futures surged 1.20 percent to $114.92 per barrel, the benchmark price for global oil. The government announced a record reduction of Rs 8 per liter in petrol excise duty and Rs 6 per liter in diesel excise duty on Saturday.
