The rupee appreciated 12 paise to close at 88.48 against the US dollar on Wednesday, supported by a positive trend in domestic equity markets and lower international crude prices.

The rupee gained 9 paise to 88.51 against the US dollar in early trade on Wednesday, supported by lower crude oil prices even as volatile equity markets across the globe weighed on investor sentiment.

 Equity benchmark indices Sensex and Nifty declined in initial trade on Wednesday, tracking weak global market trends and fresh foreign fund outflows.

Benchmark indices Sensex and Nifty declined in early trade on Tuesday due to emergence of profit-taking in-tandem with a weak trend in global equity markets.

With supply chain woes continuing to impact aircraft deliveries, IATA chief Willie Walsh on Saturday said airlines need to be properly rewarded as he flagged concerns about talks of original equipment manufacturers planning to increase prices due to tariffs and other issues.

Reliance Group chairman Anil Ambani has offered to appear before the Enforcement Directorate through "virtual means" following summons issued to him under the FEMA for Friday.

Equity benchmark indices Sensex and Nifty started the trade on a weaker note on Thursday but later quoted flat in a highly volatile trade amid mixed global cues.

IT industry veteran N R Narayana Murthy on Wednesday emphasised the need to strengthen India's national and institutional focus on research, saying it is the only path to make the country and the world a better place.