The rupee rose 20 paise to 81.50 against the US currency during morning trading on Wednesday following a weak dollar in global markets.
However, early losses in domestic stock markets and a rebound in oil prices limited the rupee’s gains.
In interbank foreign exchange, the rupee opened higher at 81.62 and rose further to a high of 81.49 in morning trading.
The rupee was trading at 81.50 to a dollar at 9:50 AM. The local currency closed lower at 81.70 on Tuesday.
The US dollar index, which measures the dollar’s strength against a basket of six currencies, fell 0.04 percent to 101.88.
Brent crude traded 0.43 percent lower at USD 86.48 a barrel, while oil for the Indian basket traded 2.69 percent lower at USD 79.98 a barrel.
In the domestic stock market, the 30-stock BSE Sensex fell 268 points, or 0.44 percent, to 60,709.93. The broader NSE Nifty fell 90.25 points, or 0.5 percent, to 18,028.05.
Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they sold shares worth Rs 760.51 crore, according to exchange data.
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