<p>The rupee strengthened by 11 paise to 73.49 against the US dollar in opening trade on Wednesday, supported by foreign portfolio flows and strong opening in domestic equities.</p>.<p>Traders said that weakening of the American currency in the overseas market also supported the local unit.</p>.<p>At the interbank forex market, the domestic unit opened at 73.58 against the US dollar, then gained further ground and touched 73.49, registering a rise of 11 paise over its previous close.</p>.<p>On Tuesday, the rupee surged by 30 paise to settle at a one-and-a-half month high of 73.60 against the US dollar.</p>.<p>"RBI’s presence in the market and a steady US dollar could also keep appreciation bias limited," Reliance Securities said in a research note adding "dollar inflows into local equities could keep depreciation bias limited".</p>.<p>Further, investors have turned cautious globally ahead of key events looming for the markets, it said.</p>.<p>Uncertainty around Brexit, the progress of a fiscal spending package through US Congress and the outcome of Thursday's ECB meeting have made traders temporarily cautious, the report said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent down at 90.81.</p>.<p>On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 322.07 points higher at 45,930.58 and broader NSE Nifty surged 96.60 points to 13,489.55.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,909.60 crore on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 48.68 per barrel. </p>
<p>The rupee strengthened by 11 paise to 73.49 against the US dollar in opening trade on Wednesday, supported by foreign portfolio flows and strong opening in domestic equities.</p>.<p>Traders said that weakening of the American currency in the overseas market also supported the local unit.</p>.<p>At the interbank forex market, the domestic unit opened at 73.58 against the US dollar, then gained further ground and touched 73.49, registering a rise of 11 paise over its previous close.</p>.<p>On Tuesday, the rupee surged by 30 paise to settle at a one-and-a-half month high of 73.60 against the US dollar.</p>.<p>"RBI’s presence in the market and a steady US dollar could also keep appreciation bias limited," Reliance Securities said in a research note adding "dollar inflows into local equities could keep depreciation bias limited".</p>.<p>Further, investors have turned cautious globally ahead of key events looming for the markets, it said.</p>.<p>Uncertainty around Brexit, the progress of a fiscal spending package through US Congress and the outcome of Thursday's ECB meeting have made traders temporarily cautious, the report said.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent down at 90.81.</p>.<p>On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 322.07 points higher at 45,930.58 and broader NSE Nifty surged 96.60 points to 13,489.55.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,909.60 crore on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, fell 0.33 per cent to USD 48.68 per barrel. </p>