At the interbank foreign exchange, the rupee opened at 76.08 against the US dollar, and gained momentum to quote at 75.99, registering a jump of 19 paise from the previous close.
On Tuesday, the rupee had settled flat at 76.18 against the American currency.
The rupee opened stronger this Wednesday, tracking overnight weakness in the greenback and oil, said Sriram Iyer, Senior Research Analyst at
However, appreciation bias could be capped as Fed speakers remain hawkish on the rate hike scenario and this push yields higher, Iyer added.
Moreover, Asian and emerging market peers were stronger this Wednesday morning and could lift sentiments, he noted.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.02 per cent to 98.47.
Global oil benchmark Brent crude futures rose 1.54 per cent to USD 117.26 per barrel.
On the domestic equity market front, the Sensex was trading 30.3 points or 0.05 per cent higher at 58,019.60, while the broader NSE Nifty rose 23.30 points, or 0.13 per cent, to 17,338.80.
Foreign institutional investors emerged as net buyers in the capital market on Tuesday, as they purchased shares worth Rs 384.48 crore, according to stock exchange data.
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