"rupee"

A strong US dollar is weighing on the rupee despite positive domestic equities trend, forex traders said.

Silver prices also declined Rs 504 to Rs 63,425 per kilogram from Rs 63,929 per kilogram in the previous trade.

Most of the Asian currencies have started marginally weak against the US dollar this morning and could weigh on sentiments.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent lower at 93.52.

On the domestic equity market front, the BSE benchmark Sensex was trading 160.58 points higher at 39,888.99, and the broader NSE Nifty rose 45.75 points to 11,726.10.

"Rising number of COVID-19 cases is prompting worries about a new wave of lockdowns in Europe and hopes from US stimulus spending are fading", Reliance Securities said in a research note.

The decline in the Index of Industrial Production (IIP) was 10.8 per cent in July. The contraction in August stood at 8 per cent, as per the latest data.

Users will be required to choose India as the "billing and sold" to country and can pay using the credit card option for purchase in Indian rupee.

The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9.

Sensex was trading 264.26 points higher at 39,838.83 and the broader NSE Nifty rose 69 points to 11,731.40.