Following a rebound in regional currencies and domestic equities, the rupee recovered 4 paise to 76.60 against the US dollar on Tuesday, snapping a two-day losing run.

However, traders said that the local currency's appreciation bias will be limited in the near term due to concerns about the economic impact of China's COVID-19 restrictions and the United States' aggressive rate hike pace.

The rupee opened at 76.48 versus the dollar on the interbank forex market and traded in a range of 76.43 to 76.69 in the day trading. At the Indian market closing time, the rupee was trading at 76.60, up 4 paise from its previous close of 76.64.

The global oil benchmark, Brent crude futures, lost 0.49 percent to USD 101.82 a barrel. The dollar index, which measures the value of the dollar against a basket of six currencies, increased by 0.06 percent to 101.81.

The BSE Sensex closed the day 776.72 points higher, or 1.37 percent, at 57,356.61, while the broader NSE Nifty gained 246.85 points, or 1.46 percent, to 17,200.80. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs.3,302.85 crore.

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