At the interbank foreign‑exchange market the rupee opened at 95.58 and touched 95.57, marking a modest gain from its previous close of 95.62 recorded on Tuesday.
Analysts attributed the move to softer crude oil prices, which remain the rupee’s clearest support, while a firm dollar following the U.S. Federal Reserve’s recent rate hike and foreign portfolio outflows pose headwinds.
Anindya Banerjee, head of commodity and currency research at Kotak Securities, said the rupee could face strong Reserve Bank of India intervention if it approaches the 96.30‑96.50 band, with support levels around 95.50 and 95.00.
The dollar index was up 0.10 per cent at 100.70, indicating a slightly stronger greenback, while Brent crude futures fell 0.99 per cent to $98.27 a barrel.
Domestic equity markets also moved higher, with the Sensex gaining 283.66 points to 74,812.74 and the Nifty rising 85.55 points to 23,414.55 in early trade.
Foreign Institutional Investors sold equities worth ₹3,809.99 crore on a net basis on Tuesday, reflecting continued outflows despite the modest currency appreciation.