The rupee appreciated 16 paise to 75.87 against the U.S. dollar in early trade on June 23 as sustained foreign fund inflows and rising domestic equity market boosted investor confidence.
Forex dealers said lower crude prices also helped the domestic unit to strengthen its ground.
The rupee opened strong at 75.86 against the U.S. dollar. However, it soon edged marginally lower to quote 75.87 against the U.S. dollar, a rise of 16 paise over its previous close.
It had settled at 76.03 against the greenback in the previous session on June 22.
Meanwhile, the equity benchmark Sensex was trading 145.74 points, or 0.42%, up at 35,057.06. Similarly, NSE Nifty rose 46.15 points, or 0.45%, to 10,357.35.
Foreign institutional investors remained net buyers in the capital market as they bought shares worth ₹424.21 crore on June 22, according to provisional exchange data.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally higher by 0.03% to 97.06.
Brent crude futures, the global oil benchmark, declined 0.19% to USD 43.00 per barrel.