The Indian rupee appreciated six paise to 74.29 against the US dollar (20.24 versus the UAE dirham) in early trade on Wednesday as strong buying in the Indian equities and weakness in American currency overseas boosted investor sentiment.
However, high crude prices in the international market and foreign capital outflows restricted the rupee rise, forex dealers said.
In the Indian interbank market, the rupee opened strong at 74.30 against the dollar, then gained further ground to 74.29, a rise of six paise over its previous close.
On the equity front, the BSE Sensex was trading 281.31 points higher at a fresh all-time high of 56,073.58, while the broader NSE Nifty advanced 76.80 points to record 16,691.40.
Meanwhile, the dollar index was trading 0.04 per cent lower at 93.10.
Global oil benchmark Brent crude futures rose 0.38 per cent to $69.29 per barrel.
(with inputs from PTI)
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