Rupee closes 3 paise higher at 72.84 against dollar

The Indian rupee firmed up by 3 paise to settle at 72.84 against the Greenback on Wednesday in a restricted trade amid muted trend in the Indian equity market.

At the interbank forex market, rupee opened at 72.87 against the USD and witnessed an intra-day high of 72.81 and a low of 72.88 and finally closed at 72.84 against the American currency, registering a rise of just 3 paise over its previous close.

On Tuesday, the rupee had finished at 72.87 against the American currency. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.01 per cent to 90.42.

The upbeat sentiments on account of optimism about a global recovery and inflows into local stocks will help Indian Rupee to appreciate, but likely RBI intervention at around 72.80-75.75 zone may limit the fall in USDINR pair,'' said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

On the domestic equity market front, the BSE Sensex ended 19.69 points or 0.04 percent lower at 51,309.39, while the broader NSE Nifty slipped 2.80 points or 0.02 percent to 15,106.50.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,300.65 crore on Tuesday, according to exchange data.

On the commodity front, Brent crude futures, the global oil benchmark, rose 0.49 percent to USD 61.39 per barrel. ''Indian rupee edged higher for the second day in a row. Weakness in dollar index and foreign inflows were the prime reasons for strength in rupee.

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