The Indian rupee gained 22 paise against the US dollar on Wednesday closing at 74.91, as bullish domestic equities and a weak US dollar in global markets improved investor mood. The local unit opened at 74.96 against the greenback on the interbank forex market, and rose an intra-day high of 74.79 and went down to a low of 75.02 throughout the day's trade. It eventually settled at 74.91 cents on the dollar.
The rupee fell 6 paise to 75.13 against the dollar on Tuesday, owing to fears about the new COVID variant's impact on the economy. Over the previous several trading sessions, the rupee has been under pressure as the detection of a new coronavirus type re-ignited growth fears and harmed risk appetite.
The dollar index, which measures the strength of the greenback against a basket of six currencies, fell 0.03 percent to 95.96. Brent crude futures rose 4.75 percent to $72.52 a barrel, the global oil benchmark.
On the Indian market front, the BSE Sensex rose 619.92 points, or 1.09 percent, to 57,684.79, while the broader NSE Nifty rose 183.70 points, or 1.08 percent, to 17,166.90. According to exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs.5,445.25 crore.