Foreign exchange (forex) market to remain shut on Wednesday on account of Buddha Purnima.
The Indian foreign exchange (forex) market will remain shut on Wednesday on the account of Buddha Purnima.
On Tuesday, the rupee ended at 72.77 against the US dollar, strengthen by 19 paise, tracking weakness in the overseas market and the American currency.
"The Indian Rupee appreciated on the back of weakness in the dollar. The dollar slipped amid a decline in US treasury yields, a rise in the risk appetite in the global markets and expectation of poor economic data from the US. The expectation of strong global economic growth supported risky currencies," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.26 percent to 89.61.
The local currency may trade in the range of 72.60-73.50 in the next couple of sessions, Mukadam said.
Meanwhile, on the domestic equity market front, the BSE Sensex opened 262 points higher at 50,899 and Nifty opened 48 points higher at 15,257.
Indian shares opened higher on Wednesday led by buying in auto and FMCG stocks amid mixed global cues. Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices traded higher.
With inputs from PTI