The Indian rupee gained 10 paise at 71.23 per dollar in the opening trade on Wednesday against previous close 71.33/$.
On Tuesday, the rupee appreciated by 10 paise at 71.33 against the US dollar as crude prices eased following concerns that oil demand will be hit amid rapid spread of coronavirus from China to other countries.
Besides, foreign institutional investors (FIIs) sold shares worth Rs1,357.56cr, while domestic institutional investors (DIIs) bought shares of worth Rs711.7cr, as per provisional data available on the NSE.
Meanwhile, the Bank of England will review its monetary policy on Thursday.
Gold held steady after declining 1% in the previous session, while oil prices rose for a second day after reports that OPEC wants to extend crude output cuts by three months to June.
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