Rupee Rises for Fourth Straight Day Amid Weak USD and Lower Crude

The Indian Rupee has been showing signs of strength for the fourth consecutive day. It appreciated by 5 paise to 95.77 against the US Dollar in early trade on Wednesday. The currency's rise is attributed to a weak American currency, lower crude oil prices, and Foreign Institutional Investors (FII) buying support.

The local currency found support from positive domestic equity market sentiment after FIIs turned to buying Indian stocks, according to forex traders. This comes as the Sensex climbed 682.57 points, or 0.89 per cent, to 77,448.49, while the Nifty was up 186.85 points, or 0.78 per cent, to 24,172.20.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading down 0.12 per cent at 101.14, ahead of the Federal Reserve monetary policy announcements. Meanwhile, Brent crude futures were trading higher but remained lower at USD 87.68 per barrel.