On Thursday, the rupee gained 20 paise against the dollar, closing at 76.42, backed by bullish domestic stocks and trends in state election outcomes. The local currency opened at 76.27 vs the US dollar on the interbank forex market, with an intra-day high of 76.07 and a low of 76.46. The rupee eventually ended the day at 76.42, up 20 paise from its previous closing.

Following a drop in crude oil prices and a comeback in domestic equities, the rupee gained 38 paise to settle at 76.62 against the US dollar on Wednesday.

The rupee rose as risk appetite improved and haven currencies fell. Geopolitical risks have shifted, commodities have cooled, and emerging market currencies and equities have advanced.

The dollar index, which measures the strength of the greenback against a basket of six currencies, increased 0.13 percent to 98.09. The global oil benchmark, Brent crude futures, jumped 4.76 percent to $116.43 a barrel.

In domestic stock market front,  the BSE Sensex closed the day 817.06 points higher, or 1.50 percent, at 55,464.39, while the broader NSE Nifty gained 249.55 points, or 1.53 percent, to 16,594.90. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs 4,818.71 crore.

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