The Indian rupee On Thursday rose 16 paise to close at 76.24 against the US dollar, mirroring higher domestic stocks. The native currency opened at 76.17 per dollar on the interbank exchange market. During the session, it fluctuated between 75.99 and 76.30. The rupee finally ended the day at 76.24, up 16 paise from its previous closing.
The Indian rupee strengthened against the US dollar following the Reserve Bank of India's surprise rate hike and as US Federal Reserve Chairman Powell pushed back against a 75-basis-point rate hike in the coming months. Additionally, the LIC IPO boosted sentiments by bringing foreign funds into local assets. Firm crude oil prices, on the other hand, weighed on the rupee and limited its appreciation potential.
The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.22 percent at 102.81. Meanwhile,Brent crude prices rose 0.42 percent to $110.60 a barrel, the global benchmark.
On the Indian stock market front, The 30-share BSE Sensex rose 33.20 points, or 0.06 percent, to 55,702.23, while the wider NSE Nifty rose 5.05 points, or 0.03 percent, to 16,682.65.
According to stock exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs 3,288.18 crore.
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