Rupee adds 3 paise against dollar to close at 77.54

In a restricted trade on Wednesday, the Iindian rupee rebounded 3 paise to end at 77.54 against the US dollar, as bank interventions supported the local currency while a higher dollar in offshore markets limited the gains.

The rupee opened higher versus the dollar in the interbank forex market, at 77.54, and traded in a range of 77.44 to 77.57 in the day session. The rupee finally closed at 77.54 against the dollar, up 3 paise from its previous finish of 77.57.

The global oil benchmark, Brent crude futures, rose 1.26 percent to USD 114.99 a barrel.

On the Indian stock market front, the BSE Sensex slid 303.35 points, or 0.56 percent, to 53,749.26, while the broader NSE Nifty dropped 99.35 points, or 0.62 percent, to 16,025.80. The dollar index, which measures how strong the dollar is versus a basket of six currencies, increased 0.36 percent to 102.22.

According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 2,393.45 crore.

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