Rupee climbed 47 paise to close at a near two-week high of 74.88 against the dollar on Wednesday helped by easing global crude oil prices and a rising appetite for riskier assets. Losses in the equity markets, however, did pressure the rupee, forex dealers told news agency PTI.
Oil prices fell 0.83 per cent to $83.47/barrel after reports that the Chinese government was planning steps to rein in high coal prices and improve supplies. Higher oil prices had created apprehension about inflationary pressures and high forex outflows from the country. This weighed on the local currency last week.
The local currency opened at 75.10 against the dollar compared to Tuesday's close at 75.35 against the greenback. The rupee oscillated between 74.83 to 75.13 against the dollar during trade today. The currency market was closed on Tuesday on account of ‘Id-E-Milad’.
The dollar index was marginally up 0.12 per cent at 93.84.
BSE Sensex ended that day 456.09 points or 0.74 per cent lower at 61,259.96. The broader NSE Nifty fell 152.15 points or 0.83 per cent to close the day at 18,266.60
(With inputs from PTI)