The Indian rupee is holding on its morning gains as it is trading higher at 71.74 per dollar, with selling seen in the domestic equity market.
It opened higher by 13 paise at 71.75 per dollar versus previous close of 71.88.
On Tuesday the rupee ended higher to 71.88 against the US dollar amid easing crude oil prices and weakening of the American currency in the overseas market.
The Sensex was down 281.16 points or 0.70% at 40000.04, and the Nifty was down 85.40 points or 0.72% at 11712.50.
Crude prices edged up on Wednesday as investors covered short positions after three sessions of losses, even as fears deepened that the rapid spread of the coronavirus will lead to a global pandemic.
The dollar-rupee February contract on the NSE was at 71.9 in the previous session. Open interest fell 6.3% in the previous session. Utilise downsides in the pair to initiate long positions, said ICICIdirect.