On Thursday, the Indian rupee appreciated for the second consecutive day, gaining 21 paise to close at 87.87 against the US dollar. Strength in the rupee was due to the combined effects of the greenback weakness, a sharp bounce in domestic equity markets, and the Reserve Bank of India (RBI) support.
Traders said that firm foreign fund inflows also helped improve investor sentiment. In the inter-bank forex market, the rupee opened at 87.76 and fluctuated within the range of 87.68 to 87.94, before ending at 87.87, having settled at 88.08 the previous day. On Wednesday, the rupee posted its highest one-day gain in four months, rising 73 paise.
Global developments also had an impact, as the dollar index decreased 0.21% to 98.58. Meanwhile, Brent crude rose 0.36% to USD 62.12 a barrel. Domestic equities traded higher, with the Sensex adding 862 points to 83,467.66 and Nifty added 261 points to 25,585.30. Based on data from exchanges, Foreign Institutional Investors (FIIs) bought shares on Wednesday, which contributed ₹68.64 crore to the domestic equity market.
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