Rupee gains 11 paise to 75.48 against US dollar in early trade

The rupee appreciated 11 paise to 75.48 against the US dollar in opening trade on Wednesday, tracking a positive trend in domestic equities.

However, rising crude prices in the international market and continued foreign fund outflows restricted the local unit, traders said.

At the interbank foreign exchange, the rupee opened slightly strong at 75.56 and gained further ground to quote 75.48 against the American dollar in early deals, a rise of 11 paise from the last close.

In the previous session, the rupee had settled at 75.59 against the greenback.

On the domestic equity market front, the 30-share Sensex was trading 366.66 points or 0.65 per cent higher at 56,685.67, while the broader NSE Nifty advanced 112.50 points or 0.67 per cent to 16,883.35.

Global oil benchmark Brent crude futures rose 0.24 per cent to USD 74.16 per barrel.

Foreign institutional investors remained net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 1,209.82 crore, as per exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 96.54.