In early trade on Wednesday, the appreciated by 4 paise to 82.33 against the domestic equity market and relatively weaker dollar against major currencies, as well as positive sentiments in the domestic equity market.
The domestic unit gained ground at 82.32 against the interbank foreign exchange, and opened stronger at 82.30. It dropped to 82.33 against the dollar, registering a rise of 4 paise against its previous close.
The stock was at 82.37 on Tuesday against Anand James, Chief Market Strategist at Geojit Financial Services, who said there could be a slippage to 82 level. It would require consistent trades above 82.36 to rekindle positivity. The dollar index, which gauges the strength of the dollar against a basket of six currencies, was 0.10 per cent lower at 103.49.
The global oil benchmark Brent crude futures rose 1.21 per cent to USD 78.39 per barrel.
The 30 - share BSE Sensex was trading 403.21 points or 0.70 per cent higher at 58,303. The NSE Nifty was up 130.40 points or 0.77 per cent to 17,173, up 40 points while the broader NSE Nifty was up 130.40 points or 0.77 per cent. There are 70 points.
Foreign Institutional Investors FIIs were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 3,086. According to exchange data, there are 96 crore.
The sentiment was boosted by expectations of a slower interest rate hike by the US Federal Reserve on the back of lower inflation.
In February, the US consumer price index came in largely in line with expectations of 6 per cent.
On the domestic front, wholesale price-based inflation fell to 3.85 per cent in January on easing the prices of manufactured items, fuel and power, even though food articles were expensive.