<p>Mumbai: The rupee appreciated 25 paise to close at 87.84 (provisional) against US dollar on Wednesday, tracking a positive trend in domestic equities and supported by optimism over US–India trade negotiations.</p>.<p>Forex traders said the Indian rupee strengthened for the fourth consecutive session on Wednesday and rose to the highest level in two and a half weeks on broad weakness of the American currency amid hopes of a US Fed rate cut.</p>.<p>They said investors are closely following the Federal Reserve's policy decision as dollar softness globally is triggering rupee's strength.</p>.<p>The market is expecting a 25-bps rate cut, and investors will watch out for the Fed chair's speech for further guidance.</p>.<p>At the interbank foreign exchange market, the rupee opened at 87.84, then touched an intraday low of 87.71 and a high of 87.86 against the greenback. The domestic unit closed at 87.84 (provisional), registering a gain of 25 paise over its previous close.</p>.<p>On Tuesday, the rupee appreciated 7 paise to close at 88.09 against the US dollar.</p>.<p>"We expect the rupee to strengthen further amid sustained weakness in the US dollar ahead of the FOMC meeting decision. Markets expect a 25-bps rate cut," said Anuj Choudhary, Research Analyst, currency and commodities, Mirae Asset ShareKhan.</p>.Stock markets rebound in initial trade as India-US talks instill optimism .<p>"Any front loading of dovish commentary may lead to fresh decline in the US dollar and may lead to further improvement in the global risk sentiments," Choudhary added.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.16 per cent to 96.78.</p>.<p>Brent crude, the global oil benchmark, was trading 0.66 per cent lower at USD 68.02 per barrel in futures trade.</p>.<p>On the domestic equity market front, the Sensex climbed 313.02 points to settle at 82,693.71, while the Nifty was up 91.15 points to 25,330.25.</p>.<p>Foreign Institutional Investors bought equities worth Rs 308.32 crore on a net basis on Tuesday, according to exchange data.</p>.<p>Meanwhile, the US on Tuesday described as "positive" the talks between its chief trade negotiator, Brendan Lynch, and his Indian counterpart Rajesh Agrawal for a proposed bilateral trade deal.</p>.<p>The relations between New Delhi and Washington were reeling under severe stress after US President Donald Trump doubled tariffs on Indian goods to a whopping 50 per cent, including 25 per cent additional duties, for India's purchase of Russian crude oil.</p>
<p>Mumbai: The rupee appreciated 25 paise to close at 87.84 (provisional) against US dollar on Wednesday, tracking a positive trend in domestic equities and supported by optimism over US–India trade negotiations.</p>.<p>Forex traders said the Indian rupee strengthened for the fourth consecutive session on Wednesday and rose to the highest level in two and a half weeks on broad weakness of the American currency amid hopes of a US Fed rate cut.</p>.<p>They said investors are closely following the Federal Reserve's policy decision as dollar softness globally is triggering rupee's strength.</p>.<p>The market is expecting a 25-bps rate cut, and investors will watch out for the Fed chair's speech for further guidance.</p>.<p>At the interbank foreign exchange market, the rupee opened at 87.84, then touched an intraday low of 87.71 and a high of 87.86 against the greenback. The domestic unit closed at 87.84 (provisional), registering a gain of 25 paise over its previous close.</p>.<p>On Tuesday, the rupee appreciated 7 paise to close at 88.09 against the US dollar.</p>.<p>"We expect the rupee to strengthen further amid sustained weakness in the US dollar ahead of the FOMC meeting decision. Markets expect a 25-bps rate cut," said Anuj Choudhary, Research Analyst, currency and commodities, Mirae Asset ShareKhan.</p>.Stock markets rebound in initial trade as India-US talks instill optimism .<p>"Any front loading of dovish commentary may lead to fresh decline in the US dollar and may lead to further improvement in the global risk sentiments," Choudhary added.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.16 per cent to 96.78.</p>.<p>Brent crude, the global oil benchmark, was trading 0.66 per cent lower at USD 68.02 per barrel in futures trade.</p>.<p>On the domestic equity market front, the Sensex climbed 313.02 points to settle at 82,693.71, while the Nifty was up 91.15 points to 25,330.25.</p>.<p>Foreign Institutional Investors bought equities worth Rs 308.32 crore on a net basis on Tuesday, according to exchange data.</p>.<p>Meanwhile, the US on Tuesday described as "positive" the talks between its chief trade negotiator, Brendan Lynch, and his Indian counterpart Rajesh Agrawal for a proposed bilateral trade deal.</p>.<p>The relations between New Delhi and Washington were reeling under severe stress after US President Donald Trump doubled tariffs on Indian goods to a whopping 50 per cent, including 25 per cent additional duties, for India's purchase of Russian crude oil.</p>