The Indian rupee was trading stronger against the greenback at the interbank forex market, tracking positive domestic equities. The local currency was performing at 74.00 (at 12.45 IST) against the dollar index. However, in early trade, the rupee performed between 73.88 - 74.26 against the dollar.
The rupee opened higher at 74.11 per dollar, compared to the previous closing of 74.09 per dollar.
US dollar saw smart pullback from oversold territory as President elect Joe Biden officially declared President of the United States Of America and to take control of White House transition.
At 12:50 IST, the Sensex was up 316.62 points or 0.72% at 44,393.77 and the Nifty was up 93.40 points or 0.72% at 13,019.85.
Oil prices held gains on Tuesday as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition.
Brent Crude Oil was trading at USD 46.57 up USD 0.51 or 1.11%.
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