Meanwhile, the dollar index, which measures the greenback against a basket of six major currencies, was trading 0.22 per cent higher at 98.51.
“We expect the rupee to trade with a negative bias amid rising crude oil prices, concerns over inflation and geopolitical tensions between the US and Iran. However, any intervention by the RBI may support the rupee at lower levels. USD/INR spot price is expected to trade in a range of 95.45 to 96.15,” Anuj Choudhary, research analyst at Mirae Asset ShareKhan, said.
Brent crude, the global oil benchmark, declined 0.44 per cent to USD 107.30 per barrel in futures trade.
“Brent oil prices were stable at around USD 107 per barrel after rallying for three consecutive sessions, with traders assessing continued disruptions to shipping through the Strait of Hormuz and US inventory data,” Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, said.
On the domestic equity front, the Sensex ended 49.74 points higher at 74,608.98, while the Nifty gained 33.05 points to close at 23,412.60.
Foreign Institutional Investors (FIIs) sold equities worth Rs 4,703.15 crore on Wednesday, according to exchange data.
On the macroeconomic front, retail inflation edged up to 3.48 per cent in April, mainly due to higher prices of gold and silver jewellery as well as certain kitchen staples, according to government data released on Tuesday.
Consumer Price Index (CPI)-based inflation, with 2024 as the base year, stood at 3.40 per cent in March, 3.21 per cent in February and 2.74 per cent in January.
Data released by the National Statistics Office showed that food inflation rose to 4.20 per cent in April from 3.87 per cent in the previous month.
(With inputs from PTI)
