"rupee"

Reliance Securities in a report said that the uptick in the rupee was supported by foreign portfolio flows.

At the interbank forex market, the domestic unit opened at 74.35 against the US dollar, then gained further ground and touched 74.29, registering a rise of 47 paise over its previous close.

Traders said most Asian currencies opened weak against the US Dollar Index, which started with gains on Wednesday morning in Asian trade ahead of the US Presidential election results.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14 per cent to 94.01.

Losses in domestic stock markets and uncertainty ahead of US presidential election weighed on the investor sentiment, traders said.

The continuation of the pandemic in absence of a vaccine is creating havoc and is playing out in the Fx market. The fear that economic conditions are going to get worse before they get better, is keeping the dollar strong against EM currencies

At the interbank forex market, the rupee was trading in a narrow range. It opened at 73.70 against the American currency.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.41 per cent to 93.31.

On the equity market front, BSE index Sensex was trading 11.80 points higher at 40,157.30, and the broader NSE Nifty advanced 20.55 points to 11,788.30.

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.

Dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent down at 93.39.