The rupee started on a weaker note at 71.10 but soon pared the losses and edged higher by 13 paise to 70.92 against the dollar on Wednesday, reported Press Trust of India (PTI). Gains in domestic stock markets and weakening of the greenback in overseas markets supported the rupee, traders were quoted as saying in the PTI report. Fresh foreign fund-flows and easing crude oil prices also supported the rupee up move, they said. On Tuesday, the local currency plunged by 13 paise to settle at 71.05 against the dollar.
Domestic stock markets started Wednesday's session on a positive note. At 10:25 am, the 30-share Sensex traded 78.29 points or 0.22 per cent higher at 36,396.62, and the Nifty was at 10,908.35, up 21.55 points or 0.20 per cent from the previous close.
Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May's deal to withdraw Britain from the European Union.
Brent crude, the global benchmark, was trading lower at 60.43 per barrel lower by 0.35 per cent.
On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 159.60 crore on Tuesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs. 417.44 crore, provisional data available with BSE showed.