The Indian rupee rose 26 paise to close at 79.65 per dollar on Thursday, reflecting a strong trend in domestic stocks.

The local currency opened at 79.80 against the US dollar on the interbank forex market and eventually settled provisionally at 79.65, a 26-paise increase from its previous finish. During the session, the local currency reached an intra-day high of 79.64 and a low of 79.85 versus the US dollar.
The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.12% at 106.58.

Brent crude futures rose 1.37 percent to USD 108.08 per barrel, the global oil benchmark.
On the Indian stock market front, the BSE Sensex finished 1,041.47 points or 1.87 percent higher at 56,857.79, while the broader NSE Nifty gained 287.80 points or 1.73 percent to 16,929.60.
Most Asian markets rose cautiously as investors anticipated a slowing in the pace of US Federal Reserve interest rate hikes.

According to exchange data, foreign institutional investors continued to be net sellers in the capital market on Wednesday, selling shares worth 436.81 crore.

As per RBI, India's annual inflation rate in June remained painfully above the 7% mark and beyond the Reserve Bank of India's tolerance band for the sixth consecutive month raising the prospects for more rate hikes by the Central bank next month.

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