Rupee gains 29 paise against the dollar to close at 76.21

The Indian rupee on Wednesday gained 29 paise to close at 76.21 against the US dollar, reflecting higher local stocks and a little drop in crude oil prices. According to analysts, Ukraine could put downward pressure on the rupee once more. "A hawkish Federal Reserve and rising US bond yields may continue to boost the greenback, allowing it to recover from lower levels."

The local unit opened at 76.41 versus the US dollar on the interbank forex market, hit an intra-day high of 76.16, and finally concluded at 76.21, up 29 paise from its previous close. The rupee fell 21 paise to close at 76.50 on Tuesday.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, was trading 0.60 percent lower at 100.35.

The global oil benchmark, Brent crude futures, rose 0.76 percent to USD108.06 a barrel.

The 30-share BSE Sensex closed the day 574.35 points higher, or 1.02 percent, at 57,037.50, while the wider NSE Nifty rose 177.90 points, or 1.05 percent, to 17,136.55. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs. 5,871.69 crore.

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