Rupee gains 30 paise to 76.32 against US dollar in early trade

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The rupee appreciated 30 paise to 76.32 against the US dollar in opening trade on Wednesday, tracking positive domestic equities and a pullback in crude oil prices.

At the interbank foreign exchange, the rupee opened at 76.40 against the American dollar, then gained further ground to quote 76.32, registering a rise of 30 paise from the last close.

In the previous session, the rupee had settled at 76.62 against the greenback.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21 percent lower at 99.89, as investors awaited the US Federal Reserve policy decision.

The Indian Rupee opened stronger tracking overnight sell-off in crude oil prices, said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Asian and emerging market peers were stronger ahead of the US Fed meeting outcome and could lift sentiments in the domestic markets, Iyer noted.

On the domestic equity market front, the 30-share Sensex was trading 734.57 points or 1.32 percent higher at 56,511.42, while the broader NSE Nifty advanced 217.80 points or 1.31 percent to 16,880.80.

Global oil benchmark Brent crude futures rose 0.87 percent to USD 100.78 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 1,249.74 crore, as per stock exchange data.

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