Due to a drop in the price of crude oil and other factors, the Indian rupee gained 6 paisa

Early on Wednesday, due to falling global crude oil prices and increased demand for risky assets, the rupee appreciated by 6 paisa to 83.26 US cents.

Read more: S&P Global Market Intelligence boosted India’s growth forecast for FY24 to 6.6%

However, the rupee's appreciation was constrained, according to traders, by a sell-off in domestic equity markets and a strong American dollar relative to important rival currencies abroad.

The domestic unit began trading at 83.22 versus the dollar on the interbank foreign exchange but later dipped to 83.26, gaining 6 paisa from its previous finish.

The rupee had reached an all-time low value against the dollar on Monday during the previous session, settling at 83.32. Because it was Ganesh Chaturthi on Tuesday, the currency markets were closed.

At 104.83, the dollar index, which measures the strength of the dollar against a basket of six different currencies, was essentially unchanged. The benchmark for world oil, Brent crude futures, decreased 1% to USD 93.40 a barrel.

The 30-share BSE Sensex was down 307.27 points, or 0.45%, at 67,289.57 on the domestic equity market. The NSE Nifty index as a whole dropped by 100.75 points, or 0.5%, to 20,032.55.

According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,236.51 crore on Monday, making them net sellers in the capital markets.

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