Rupee settles 3 paise higher at 73.57 against US dollar

Mumbai: The rupee strengthened by 3 paise and settled for the day at 73.57 against the US dollar on Wednesday, supported by foreign fund inflows and heavy buying in domestic equities.

Traders said weakening of the American currency in the overseas market also supported the local unit.

At the interbank forex market, the domestic unit opened at 73.58 against the US dollar and witnessed an intra-day high of 73.49 and a low of 73.61.

The local unit finally closed at 73.57 against the American currency, registering a rise of 3 paise over its previous close.

On Tuesday, the rupee surged by 30 paise to settle at a one-and-a-half month high of 73.60 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.24 per cent down at 90.74.

On the domestic equity market front, the BSE Sensex ended 494.99 points or 1.09 per cent higher at 46,103.50, while the broader NSE Nifty jumped 136.15 points or 1.02 per cent to 13,529.10.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,909.60 crore on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.06 per cent to USD 49.36 per barrel. (PTI)