Rupee rises by 10 paise to settle at 77.24 against the US dollar

Digital Desk: The rupee gained further 10 paise against the US dollar on Wednesday, settling at 77.24 (provisional) as the US currency fell from its 20-year highs. The native currency opened at 77.24 against the US dollar on the interbank exchange market. During the day, it fluctuated between 77.17 and 77.31.

The rupee finally ended the day at 77.24, up 10 paise from its previous closing. The rupee was trading at 77.34 against the US dollar on Tuesday.

After plummeting to new all-time lows earlier this week, the rupee has steadied in a narrow range. Market players were cautious on the domestic front as they awaited the release of the inflation data on Thursday.

"The number is expected to rise above the 7% barrier. CPI data will be provided from the United States, and it is predicted to remain high " said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal NSE -3.03 % Financial Services.

The dollar index fell below the 104.49 mark, which it had broken earlier this week ahead of the release of US inflation data. The dollar index is a measure of the greenback's value.

The 30-share BSE Sensex closed the day 276.46 points or 0.51 per cent lower at 54,088.39, while the broader NSE Nifty dropped 72.95 points or 0.45 per cent to 16,167.10.

Brent crude futures, the global oil benchmark jumped 3.26 per cent to USD 105.80 a barrel.

According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 3,960.59 crore.