The rupee appreciated by 28 paise to touch 79.24 against the US dollar on Thursday as global crude oil benchmarks fell. Firmness in dollar, however, capped the gains.

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Anand James, Chief Market Strategist at Geojit Financial Services, said, that the slippage past 79.3 ushered in a surprise negative bias, which could hold for a while. "A pull back could be seen today given the sharp downsides of yesterday, but they are less likely to breach 79.45, with a higher likelihood of selling reemerging from the 79.15-79.25 region," James added.

The domestic currency settled at 79.52 in the previous session.

The dollar index — which measures the US dollar against a basket of currencies — rose 0.2 percent to Rs 105.3.

Crude oil prices fell on Wednesday amid anticipations of weaker demand and higher supply. On Wednesday, it was reported that the US crude stocks rose by 2.2 million barrels for the week ended August 5, as per the data from market sources citing American Petroleum Institute figures.

Brent crude futures slipped 0.6 percent to $96.8 a barrel and West Texas Intermediate (WTI) futures were 0.7 percent down to $91.3 a barrel.

Indian equity benchmarks opened in green mirroring largely positive cues from global markets.

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First Published:Aug 11, 2022 11:39 AM IST