<p>The rupee continued its winning momentum for the third session in a row on Wednesday, rising 27 paise to settle at 74.19 against the US dollar, supported by gains in domestic equities and weak American currency.</p>.<p>Forex traders said weakness in the US dollar against its key rivals and significant foreign fund inflows boosted investor sentiment.</p>.<p>At the interbank forex market, the domestic unit opened at 74.49 against the US dollar and touched an intra-day high of 74.09 and a low of 74.52. It finally closed at 74.19 against the greenback, registering a rise of 27 paise over its previous close.</p>.<p>The rupee on Tuesday appreciated 16 paise to settle at 74.46 against the US dollar.</p>.<p>"Indian Rupee appreciated majorly on the back of weakness in Dollar. The dollar slipped as rising Covid-19 cases in the US forced local authorities to impose fresh restrictions to curb the outbreak.</p>.<p>"Moreover, US Federal Reserve Chair Jerome Powell warned that surge in Covid-19 cases poses risk to the economy and would require more support from Federal Reserve and Government," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent down at 92.22.</p>.<p>Mukadam said that "rupee may trade in the range of 73.65 to 74.80 in next couple of sessions".</p>.<p>On the domestic equity market front, the 30-share BSE index ended 227.34 points or 0.52 per cent higher at 44,180.05 and the broader NSE Nifty surged 64.05 points or 0.5 per cent to 12,938.25.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 4,905.35 crore on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, rose 1.01 per cent to USD 44.19 per barrel.</p>
<p>The rupee continued its winning momentum for the third session in a row on Wednesday, rising 27 paise to settle at 74.19 against the US dollar, supported by gains in domestic equities and weak American currency.</p>.<p>Forex traders said weakness in the US dollar against its key rivals and significant foreign fund inflows boosted investor sentiment.</p>.<p>At the interbank forex market, the domestic unit opened at 74.49 against the US dollar and touched an intra-day high of 74.09 and a low of 74.52. It finally closed at 74.19 against the greenback, registering a rise of 27 paise over its previous close.</p>.<p>The rupee on Tuesday appreciated 16 paise to settle at 74.46 against the US dollar.</p>.<p>"Indian Rupee appreciated majorly on the back of weakness in Dollar. The dollar slipped as rising Covid-19 cases in the US forced local authorities to impose fresh restrictions to curb the outbreak.</p>.<p>"Moreover, US Federal Reserve Chair Jerome Powell warned that surge in Covid-19 cases poses risk to the economy and would require more support from Federal Reserve and Government," said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent down at 92.22.</p>.<p>Mukadam said that "rupee may trade in the range of 73.65 to 74.80 in next couple of sessions".</p>.<p>On the domestic equity market front, the 30-share BSE index ended 227.34 points or 0.52 per cent higher at 44,180.05 and the broader NSE Nifty surged 64.05 points or 0.5 per cent to 12,938.25.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 4,905.35 crore on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, rose 1.01 per cent to USD 44.19 per barrel.</p>