Gold prices held steady on Wednesday as fragile equities, hammered by falling crude prices, offset a stronger U.S. dollar.
Indian rupee has erased early losses and trading higher at 76.76 per dollar with buying seen the domestic equity market.
It opened at fresh record low of 76.90 per dollar.
On April 21 rupee ended 29 paise lower at 76.83 per dollar amid selling seen in the domestic equity market on the back of drop in the oil prices.
At 11:22 IST, the Sensex was up 526.26 points or 1.72% at 31162.97, and the Nifty was up 133.75 points or 1.49% at 9115.20.
Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.
The dollar and yen held broad gains on Wednesday, as a bounce in oil prices failed to calm market nerves, with the week’s rout and frail fuel demand underlining a grim outlook for the global economy.
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