On Wednesday, the rupee gained 22 paise against the dollar, closing provisionally at 74.46 on the back of lower crude oil prices and foreign fund inflows into domestic IPOs. A weak American currency in the international market also aided the local currency, according to forex dealers. The rupee opened strong against the greenback in the interbank forex market, at 74.64, and later gained strength to settle at 74.46, up 22 paise from its previous close of 74.68. During the day, the local currency fluctuated between 74.46 and 74.64.
The global oil benchmark, Brent crude futures, fell 1.63 percent to USD83.34 per barrel. The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.03 percent to 94.04. According to exchange data, foreign institutional investors were net buyers in the capital market on Tuesday, buying shares worth Rs244.87 crore.
The BSE Sensex fell 257.14 points, or 0.43 percent, to 59,771.92, while the broader NSE Nifty fell 59.75 points, or 0.33 percent, to 17,829.20 in the domestic equity market.