At the interbank foreign exchange market, the local unit opened stronger by 8 paise at 83.08 and then touched the lowest level of 83.11 against the greenback, registering a gain of 5 paise from its previous close.
The 30-share BSE Sensex climbed 193.64 points to 64,765.52 in early trade. The Nifty advanced 54.55 points to 19,336.30. Among the Sensex firms, JSW Steel, Tata Steel, HCL Technologies, Kotak Mahindra Bank, State Bank of India and Axis Bank were the major gainers. Sensex Climbs 193 Points to 64,765; Nifty at 19,336 As Markets Rebound in Early Trade.
Market awaits with baited breadth the Jackson Hole Symposium between 24th and 26th in which Fed Chairperson s speech will be keenly watched," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP
At the interbank foreign exchange, the domestic unit opened stronger at 82.83 against the dollar and touched the peak of 82.80. The rupee later traded at 82.81, registering a gain of 10 paise over its previous close. On Tuesday, the rupee had settled at more than 8-month low level of 82.91 against the dollar.
Rupee is trading in a narrow range as the softness in the US dollar and sustained FII inflows were negated by risk aversion in global markets, forex traders said.