Mumbai, Jan 21: Advancing its gains for the third straight session, the rupee scaled a near five-month high of 72.98 against the US dollar on Thursday in line with the buoyant equity market and sustained foreign fund inflows.

At the interbank forex market, the rupee was 7 paise higher to trade at a level not seen since September 1, 2020. On Wednesday, the rupee had settled at 73.05 against the American currency. Sensex Breaches 50,000 for the First Time Day After Joe Biden's Inauguration as US President.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.18 per cent to 90.31. On the domestic equity market front, the BSE Sensex was trading 277.80 points or 0.56 per cent higher at 50,069.92; and the NSE Nifty was up 84.35 points or 0.58 per cent at 14,729.05.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 2,289.05 crore on Wednesday, according to exchange data. Brent crude futures, the global oil benchmark, rose 0.36 per cent to USD 55.89 per barrel.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)