Rupee advanced 22 Paise to 76.78 against the US dollar in the opening trade on Wednesday, supported by weakness in US dollars and recovery in the domestic equity market.

The forex trader said the Rupee could still be bound to relate and could witness high volatility amid the increasingly deep Russian-Ukrainian conflict.

In the interbank foreign exchange, the Rupee opened at 76.90 against the US dollar, then gained momentum and touched 76.78, registering a 22 paise increase from the previous close.

On Tuesday, the Rupee fell for the fifth day in a row and was depreciated by 7 Paise to close with a low lifetime 77 against the US dollar, weighed by soaring crude oil prices.

The Indian Rupee can still be bound to dismiss on this Wednesday and will continue to witness high volatility, said Sriram Iyer, senior research analyst at Reliance Securities.

The dollar falls, while recovery in the domestic equity market can close weaknesses.

However, oil continues to move higher after US prohibitions on Russian energy products and can close the appreciation bias, said Iyer.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell 0.05 percent to 99.01.

Meanwhile, Global Oil Benchmark Brent Crude futures jumped 2.59 percent to USD 131.29 per barrel.

At the front of the domestic equity market, Sensex 30-shares traded 550.95 points or 1.03 percent higher at 53,975.04, while the nifty nifty rose 117.70 points, or 0.74 percent, up to 16,131.15 .

Investors of foreign institutions remain clean sellers in the capital market on Tuesday because they lowered the shares worth 8,142.60 crore, according to stock exchange data.