In the interbank foreign exchange market, the local unit opened at 74.38 against the US dollar, then at a high of 74.37 against the greenback, registering an increase of 10 paise over its previous 74.47.
After its biggest single-day decline in nearly two years on Wednesday, the rupee rose 10 paise to 74.37 against the US dollar in early trade on Thursday in support of positive domestic equities and a weak US currency.
In the interbank forex market, the local unit opened at 74.38 against the US dollar, then reached a high of 74.37 against the greenback, registering an increase of 10 paise over the previous close of 74.47.
The Indian currency lost 105 paise against the US currency for its biggest single-session decline in 20 months amid growing concerns over COVID-19 cases in the country.
“RBI may be present this Thursday to curb volatility and reduce losses,” Reliance Securities said in a research note.
Meanwhile, Asian currencies were lower and the cap may rise.
On the domestic equity market front, the 30-share BSE benchmark Sensex was up 407.35 points to trade at 50,069.11, and the broader NSE Nifty rose 121.20 points to 14,940.25.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, fell 0.07 percent to 92.38.
Global oil benchmark Brent crude futures fell 0.40 percent to USD 62.91 a barrel.
Foreign institutional investors were net buyers in the capital market as they bought shares worth Rs 227.42 crore as per exchange data on Wednesday.
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