The Indian rupee closed 2 paise higher at 88.58 (provisional) against the US dollar on Wednesday, aided by buying momentum in domestic equity markets and lower crude oil prices overseas. IT stocks led the surge after a senior Trump administration official has said that a trade deal between India and the U.S. can be worked out soon. The benchmark BSE Sensex jumped 513.45 points, or 0.61 percent, to 85,186.47 while the broader NSE Nifty index closed up 142.60 points, or 0.55 percent, at 26,052.65. Meanwhile, a strong American currency and outflow of foreign capital prevented a sharp gain in the rupee even as investors were concerned about the progress on the proposed India-US trade deal. At the interbank foreign exchange market, the rupee opened at 88.57 and hit an intra-day high of 88.41 against the greenback. The domestic unit settled the day at 88.58 (provisional) against the dollar, logging a marginal gain of 2 paise from its previous closing level.
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