The near term bias for the local unit is positive, where it can edge higher towards 74.80 mark, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
Indian rupee erased some early gains but trading higher by 14 paise 75.22 per dollar, amid buying seen in the domestic equity market.
It opened 33 paise higher at 75.03 per dollar against previous close of 75.36.
On June 2 rupee ended higher by 18 paise at 75.36 per dollar.
Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic.</p><p>Brent crude <LCOc1> was up 22 cents, or 0.6%, at $39.79, by 0003 GMT, the highest since March 6, having gained 3.3% on Tuesday.
"Sharp upswing in global as well as domestic equities has worked to fuel significant upside in the Indian rupee. Sentiments have got a boost on gradual unlocking of the domestic economy and as President Trump has not pulled of the Phase I trade deal with China signed in January," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Market are now pinning their hopes on global recovery and shrugging off concerns about the deepening rift between US and China and the damaging effect of the virus on the global economy. Decline in greenback is further aiding appreciation in rupee. As of now, near term bias for the local unit is positive, where it can edge higher towards 74.80 mark," she added.
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