The Indian rupee rose 5 paise against the US dollar in a range-bound session on Wednesday, closing at 75.54  as a firm trend in domestic equities boosted investor sentiment. The rupee resumed higher at 75.56 per dollar, up from the previous close of 75.59, in the interbank foreign exchange market, and hovered in a range of 75.48 to 75.65 before settling at 75.54, up 5 paise.

Furthermore, lower international crude prices and a weaker dollar overseas bolstered the local currency, according to forex traders. Brent crude futures fell 0.26 percent to USD73.79 per barrel, the global oil benchmark. Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, was trading 0.04 percent lower at 96.45.

On the equity front, the BSE Sensex closed 611.55 points, or 1.09 percent, higher at 56,930.56, while the broader NSE Nifty gained 184.60 points, or 1.1 percent, to 16,955.45. Foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs.1,209.82 crore, according to exchange data.

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