Rupee ends 17 paise higher at 76.66 per dollar

Indian rupee has erased early losses and ended 17 paise higher at 76.66 per dollar amid buying seen the domestic equity market.

It opened at fresh record low of 76.90 per dollar.

At 14:07 IST, the Sensex was up 573.60 points or 1.87% at 31210.31, and the Nifty was up 152.20 points or 1.69% at 9133.65.

Brent oil futures prices plunged again on Tuesday, extending oil market panic into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.

The dollar and yen held broad gains on Wednesday, as a bounce in oil prices failed to calm market nerves, with the week’s rout and frail fuel demand underlining a grim outlook for the global economy.

Gold prices held steady on Wednesday as fragile equities, hammered by falling crude prices, offset a stronger U.S. dollar.