INR vs USD Today: The rupee has declined by 482 paise - or 6.75% - so far this year
Rupee vs Dollar Today: The rupee strengthened as much as 0.77 per cent - or by 59 paise - against the US dollar to move above the 76 mark on Wednesday. After starting the day higher at 75.94, the rupee appreciated to as high as 75.59 against the greenback during the four-hour session. It settled at 75.67 against the US currency. Analysts say sharp gains in domestic equity markets and weakness in the dollar overseas supported the rupee.
Domestic equity benchmarks S&P BSE Sensex and NSE Nifty 50 jumped more than 2 per cent each to touch more than six-week highs on Wednesday, and were set to close higher for the third session in a row.
(Also Read: INR vs USD - Cheaper Oil, Foreign Flows A Tailwind)
However, foreign institutional investors (FIIs) remained net sellers in the Indian equities, offloading shares worth a net Rs 122.15 crore on Tuesday, exchange data shows.
Crude oil prices jumped in anticipation of tightening supplies ahead, as US stockpiles rose less than expected and on expectations demand will improve. Brent crude futures - the global benchmark for crude oil rates - rose 3.1 per cent to $21.10 per barrel, on top of a 2.3 per cent gain the previous day.
The dollar index - which gauges the greenback against six major peers overseas - fell as much as 0.33 per cent on Wednesday, and was last down 0.31 per cent.
"The momentum in the past few sessions suggests that the rupee-dollar is due for a short-term correction and is likely to test 75.80 levels. However, the overall trend still remains on the upside as the fundamentals have not changed positively yet," CR Forex, a forex advisory firm, said in a note.
CR Forex expects the rupee to move in a range of 75.50-77.00 in the next few sessions.
At Tuesday's close of 76.18, the rupee has declined by 482 paise - or 6.75 per cent - so far this year.
