The rupee declined 7 paise to close at 68.58 against the dollar on Wednesday

The rupee rose by 14 paise to close at 68.44 against the US dollar on Thursday, reported news agency Press Trust of India (PTI). The appreciation in the domestic currency came after dovish comments by US Federal Reserve chair Jerome Powell which boosted emerging market currencies. However, the gains were capped by rising oil prices, said the report citing traders. At the interbank foreign exchange market, the local unit opened higher at 68.31, and moved between a high of 68.30 and a low of 68.48 during the day.

Here are 5 things to know about rupee-dollar rate today:

1. The rupee declined 7 paise to close at 68.58 against the greenback on Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices.

2. "Rupee has resumed its uptrend after five days of consolidation. Resistance for the rupee is seen somewhere around 68 levels," Press Trust of India quoted said V K Sharma, head PCG and Capital Markets Strategy, HDFC Securities, as saying.

3. Brent crude futures, the global oil benchmark, spurted 0.24 per cent to $67.17 per barrel amid reduced US inventories and geopolitical tensions.

4. The domestic benchmark indexes ended higher in today's session with the NSE Nifty 50 index snapping its three-day losing spree. The Sensex ended 0.69 per cent higher at 38,823 and the NSE Nifty 50 Index climbed 0.73 per cent to close at 11,583.

5. However, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs. 316.86 crore on Thursday, provisional data with NSE showed.

(With PTI inputs)