<p>The rupee appreciated 29 paise to 76.11 against the US dollar in opening trade on Thursday amid weakening of the American currency in the overseas market.</p>.<p>At the interbank foreign exchange, the rupee opened at 76.17 against the American dollar, then gained further ground to quote at 76.11, registering a rise of 29 paise from the last close.</p>.<p>On Wednesday, the rupee had settled at 76.40 against the American currency.</p>.<p>The Indian rupee opened stronger against the US dollar this Thursday after a surprise rate hike by the Reserve Bank of India and the US Fed Chairman Powell pushing back against a steeper 75-basis points rate hike in the coming months, said Sriram Iyer, Senior Research Analyst at Reliance Securities.</p>.<p>Additionally, foreign funds inflows into the local assets through the LIC IPO could also aid sentiments.</p>.<p>However, Asian and emerging market currencies have started weak and a surge in oil prices could keep the appreciation bias capped. Moreover, the bearish rupee outlook remains intact on expectation of more 50-basis points rate hikes by the US Fed in the coming months, Iyer noted.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 102.55.</p>.<p>The US dollar extended losses this Thursday morning in Asian trade after Powell said the committee wasn't actively considering a steeper 75-basis points rate hike in the coming months even as inflation continues to run well above the Fed's 2 per cent target.</p>.<p>On the domestic equity market front, the 30-share Sensex was trading 399.81 points or 0.72 per cent higher at 56,068.84 points, while the broader NSE Nifty advanced 125.75 points or 0.75 per cent to 16,803.35.</p>.<p>Global oil benchmark Brent crude futures rose 0.35 per cent to $110.53 per barrel.</p>.<p>Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,288.18 crore, as per stock exchange data.</p>
<p>The rupee appreciated 29 paise to 76.11 against the US dollar in opening trade on Thursday amid weakening of the American currency in the overseas market.</p>.<p>At the interbank foreign exchange, the rupee opened at 76.17 against the American dollar, then gained further ground to quote at 76.11, registering a rise of 29 paise from the last close.</p>.<p>On Wednesday, the rupee had settled at 76.40 against the American currency.</p>.<p>The Indian rupee opened stronger against the US dollar this Thursday after a surprise rate hike by the Reserve Bank of India and the US Fed Chairman Powell pushing back against a steeper 75-basis points rate hike in the coming months, said Sriram Iyer, Senior Research Analyst at Reliance Securities.</p>.<p>Additionally, foreign funds inflows into the local assets through the LIC IPO could also aid sentiments.</p>.<p>However, Asian and emerging market currencies have started weak and a surge in oil prices could keep the appreciation bias capped. Moreover, the bearish rupee outlook remains intact on expectation of more 50-basis points rate hikes by the US Fed in the coming months, Iyer noted.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.03 per cent lower at 102.55.</p>.<p>The US dollar extended losses this Thursday morning in Asian trade after Powell said the committee wasn't actively considering a steeper 75-basis points rate hike in the coming months even as inflation continues to run well above the Fed's 2 per cent target.</p>.<p>On the domestic equity market front, the 30-share Sensex was trading 399.81 points or 0.72 per cent higher at 56,068.84 points, while the broader NSE Nifty advanced 125.75 points or 0.75 per cent to 16,803.35.</p>.<p>Global oil benchmark Brent crude futures rose 0.35 per cent to $110.53 per barrel.</p>.<p>Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 3,288.18 crore, as per stock exchange data.</p>