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The rupee strengthened by 9 paise to close at 74.49 against the US dollar on Tuesday, marking its third straight day of gains on foreign fund inflows and positive domestic equities.
Firm crude oil prices, however, capped the gains in the local currency, forex dealers said.
At the interbank forex market, the local unit opened higher at 74.49 against the greenback and witnessed an intra-day high of 74.41 and a low of 74.50 during the session.
On Monday, the rupee had settled at 74.58 against the US dollar. In the last three trading sessions, the rupee has appreciated by 22 paise.
Pressure on risk currencies subside, US inflation in focus
"The Indian Rupee appreciated for the third straight session against the dollar, tracking the strength in regional currencies and equities ahead of US inflation data," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Flows related to the upcoming IPO aided sentiments.
In the international markets, the Dollar Index was flat against a basket of six currencies on Tuesday afternoon ahead of the US inflation data, Iyer said. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.11 per cent to 92.36.
Rupee slides toward year’s low as India’s trade deficit widens
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