The rupee opened on a weaker note at 71.10 but soon pared the losses and edged higher by 13 paise to 70.92 against the US dollar in opening trade on Wednesday, driven by gains in domestic stock markets and weakening of the green back in overseas markets.
Fresh foreign fund-flows and easing crude oil rates also supported the rupee up move. On Tuesday, the rupee plunged by 13 paise to settle at 71.05 against the dollar.
Foreign funds purchased shares value Rs 159.60 crore from the capital markets on a net basis, while domestic institutional investors purchased shares value Rs 417.44 crore Tuesday, provisional data showed.
The benchmark BSE Sensex was trading with gains of 84.36 points, or 0.26 per cent to quote at 36,413.32 and the NSE Nifty was trading at 10,914.40, up 27.60 points, or 0.25 per cent. Meanwhile, brent crude, the global benchmark, was trading lower at 60.43 per barrel lower by 0.35 per cent.