"us-dollar"

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 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.

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

ICICI Bank was the top gainer in the Sensex pack, jumping over 5 per cent, followed by Axis Bank, Nestle India, SBI, HDFC, ONGC and Kotak Bank.

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.

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.

Silver, however, rose Rs 126 to Rs 63,427 per kg, from Rs 63,301 per kg in the previous trade

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.

The Indian currency opened at 73.16 at the interbank forex market and touched an intra-day high of 73.08 and a low of 73.41 against the greenback.