The Indian rupee trading higher by 6 paise at 74.22 against the US dollar tracking positive domestic equities. At the interbank foreign exchange, the domestic unit opened at 74.20 against the dollar, then inched higher to 74.18, registering a gain of 9 paise over its previous close.
On Wednesday, the local unit snapped its two-day losing streak to settle 10 paise higher at 74.27 against the US dollar.
On the domestic equity market front, the barometer index, the S&P BSE Sensex, was up 391 points or 0.71% at 52,678.12 and the Nifty 50 index was up 101 points at 15,788.40.
Besides, foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs3,156.53cr, as per exchange data on Wednesday.
Further, the dollar was weighed down as US Federal Reserve Chairman Jerome Powell continued to remain dovish and downplayed inflationary concerns and put to rest fears of an early rate hike.
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