Rupee surges 11 paise to close at 72.35 against US dollar

The rupee gained 11 paise to settle at 72.35 (provisional) against the US dollar on Wednesday supported by positive domestic equities and weakness of the American currency in the overseas market.

At the interbank forex market, the local unit opened at 72.35 against the greenback and witnessed an intra-day high of 72.26 and a low of 72.41. It finally ended at 72.35 against the American currency, registering a rise of 11 paise from its previous close.

On Tuesday, the rupee had settled at 72.46 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.10 per cent to 90.08.

On the domestic equity market front, the BSE Sensex was trading 191.39 points or 0.38 per cent higher at 49,942.80. BSE said its equity and equity derivatives markets will remain open till 5 pm on Wednesday.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,569.04 crore on Tuesday, according to exchange data. Brent crude futures, the global oil benchmark, rose 0.76 per cent to USD 65.87 per barrel.