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Indian rupee was trading stronger against US dollar on Wednesday on persistent selling of the American currency by exporters. Traders got support as RBI has accepted $5.135 billion in USD/INR sell-buy swap auction conducted on Tuesday against the notified amount of $5 billion. Last month, the RBI had announced to undertake a USD/INR two-year sell/buy swap auction of USD 5 billion. The central bank received 246 bids but accepted 86 bids in the auction, the release said. The bid to cover ratio was 2.71. Investors overlooked Icra’s latest report stating that it has warned of serious downside risks to the economy in next fiscal (FY23) with runaway current account deficit, steep fall in the rupee and a hardening yields on government bonds, as a result of the Russian-Ukraine crisis and the resultant spike in crude and other commodity prices. On the global front, euro took a breather on Wednesday ahead of this week's central bank meeting.

The partially convertible currency is currently trading at 76.79, stronger by 21 paise from its previous close of 77.00 on Tuesday. The currency touched a high and low of 76.92 and 76.78 respectively.