Indian rupee on Thursday recovered some of its earlier losses to close 4 paise higher at 76.53 against the US dollar, tracking higher domestic stocks. According to Forex traders, the local currency's upward bias is expected to be restrained in the near term due to a strong US dollar, inflationary concerns, and concerns about an aggressive pace of US rate hikes.
The rupee opened at 76.60 versus the dollar on the interbank forex market and traded in a range of 76.43 to 76.71 in the day trading. It finally closed at 76.53, a mere 4 paise higher than its previous close of 76.57.
The global oil benchmark, Brent crude futures, climbed 0.23 percent to 105.56 per barrel.The dollar index, which measures the strength of the greenback against a basket of six currencies, increased by 0.44 percent to 103.41.
On the Indian stock market front, the BSE Sensex closed the day 776.72 points higher, or 1.23 percent, at 57,521.06, while the broader NSE Nifty gained 206.65 points, or 1.21 percent, to 17,245.05. According to stock exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs 4,064.54 crore. Market closing: Sensex gains 702 pts, Nifty above 17200
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