The rupee superior 22 paise to 76.78 towards the US greenback within the opening commerce on Wednesday, supported by the weak point within the American greenback and restoration in home fairness markets.
Foreign exchange merchants stated the rupee may stay range-bound and may witness excessive volatility amid the deepening Russia-Ukraine battle.
On the interbank international alternate, the rupee opened at 76.90 towards the US greenback, then gained momentum and touched 76.78, registering a acquire of twenty-two paise from the earlier shut.
On Tuesday, the rupee fell for the fifth consecutive day and depreciated by 7 paise to shut at a lifetime low of 77 towards the US greenback, weighed by surging crude oil costs.
The Indian rupee may stay range-bound this Wednesday and can proceed to witness excessive volatility, stated Sriram Iyer, senior analysis analyst at Reliance Securities.
The greenback fell, whereas a restoration within the home fairness markets may cap weak point. Nevertheless, oil continued to maneuver greater after the US ban on Russian vitality merchandise and will cap the appreciation bias, Iyer famous.
In the meantime, the greenback index, which gauges the dollar’s energy towards a basket of six currencies, fell 0.05 per cent to 99.01.
In the meantime, world oil benchmark Brent crude futures jumped 2.59 per cent to USD 131.29 per barrel.
On the home fairness market entrance, the 30-share Sensex was buying and selling 550.95 factors or 1.03 per cent greater at 53,975.04, whereas the broader NSE Nifty rose 117.70 factors, or 0.74 per cent, to 16,131.15.
Overseas institutional traders remained internet sellers within the capital market on Tuesday as they offloaded shares price Rs 8,142.60 crore, as per inventory alternate knowledge.