At the interbank foreign exchange market, the local unit opened at 83.98, then inched further to touch 83.97, registering a rise of 4 paise from its previous close.
On Wednesday, the rupee breached the crucial 84-mark for the second time within a month and settled 3 paise lower at 84.01 against the American currency.
"The Indian rupee continues to remain weak despite Asian currencies rising as inflows get absorbed by the Reserve Bank, while oil companies and FPIs and importers continue to buy US dollars from market keeping the currency on the lower side despite gains seen by its Asian and emerging market counterparts," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.03% to 101.32 points.
Brent crude, the international benchmark, gained 0.19% to USD 72.84 per barrel in futures trade. Forex traders said crude oil levels of USD 72 per barrel will act as a support for the domestic unit as India, the world's third-largest oil importer, stands to benefit from cheaper oil.
In the domestic equity market, the 30-share BSE Sensex advanced 27.21 points, or 0.03%, to 82,379.85 points, while the Nifty was up 10.45 points, or 0.04%, to 25,209.15 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth INR975.46 crore, according to exchange data.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
