Rupee ends at day's high at 75.14 per dollar

Indian rupee has extended the early gains and ended at day's high at 75.14 per dollar, amid buying seen in the domestic equity market.

It opened higher by 7 paise at 75.34 per dollar against Tuesday close of 75.41 and remained in the range of 75.13-75.36

At 14:05 IST, the Sensex was up 674.82 points or 1.87% at 36707.88, and the Nifty was up 188.20 points or 1.77% at 10795.60.

Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.

On the back of short covering, the USD-INR pair has depreciated sharply. We feel it has moved towards its hurdle levels and sizeable amount of short covering is done. Hence, a leg of appreciation can be seen from higher levels, said ICICIdirect.

The dollar-rupee contract on the NSE was at 75.50 in the last session. The open interest declined 4.3% in the last session, it added.