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A weak Dollar Index (DXY), the possibility of addition of a few company stocks in MSCI Index and FPI-related equity inflows helped the rupee appreciate 49 paise on Wednesday to close at 81.4350 per dollar.
The currency unit opened stronger at 81.31 per dollar (USD), 61 paise stronger vis-a-vis the previous close of 81.92, buoyed by weakness in DXY, which dipped below 110 level.
During the course of trading, the rupee tested an intra-day high of 81.22. At this level, importers started buying dollars, pushing the rupee to an intra-day low of 81.62.
FPI related dollar inflows for investment in equity markets, including IPOs, and exporter selling at the intra-day low level also helped the rupee appreciate. The RBI is believed to have intervened at the intra-day low by selling dollars.
The rupee has gained almost 100 paise in the last two trading sessions. Last Friday, the rupee had closed at 82.44.
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