Rupee Extends Winning Streak Against US Dollar

The Indian Rupee strengthened against the US Dollar on Wednesday, extending its winning streak for the fourth consecutive session. The local currency rose by 16 paise to 95.66 against the greenback, supported by strong domestic equities and foreign inflows.

The rupee's gains were fueled by hectic buying in domestic equity markets, with the Sensex surging 888.68 points or 1.16% to settle at 77,654.60. The Nifty also closed up 264.85 points or 1.10% to 24,250.20.

Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, attributed the rupee's gain to positive domestic markets and fresh FII inflows, as well as a soft dollar ahead of the US Federal Reserve's interest rate decisions.