The Indian rupee opened 6 paise higher at 74.22 against the US dollar on June 24 from the previous close of 74.28.
The Indian currency witnessed some gain as the sentiment in the equity market improved. The market benchmark Sensex jumped more than 250 points, while the Nifty rose above 15,750 in the morning trade.
However, rising crude oil prices capped the gains of the rupee. "Oil prices climbed on June 24 after a sharp drawdown in the United States crude and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end US sanctions on Iranian crude exports," Reuters reported.
For a couple of sessions, the rupee has been trading in a range of 25 paise. The current account deficit widened to a 14-year high, which should keep the dollar move in check, said brokerage firm ICICI Direct.
"We continue to feel that due to a rise in the dollar index, the USD/INR pair should move towards 74.6 levels in coming days. The dollar-rupee June contract on the NSE was at Rs 74.31 in the last session. The open interest fell 7.1 percent for the June series," ICICI Direct said.
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