The Indian rupee appreciated by 13 paise against the US currency during morning trade on Wednesday as global oil prices fell sharply amid a strong surge in equity markets and hopes of political stability.

At the Interbank Foreign Exchange (forex) market, the local currency resumed firm at 43.12/14 a dollar from its last close of 43.26/27 a dollar and later ruled steady at 43.13/14 a dollar in late morning trade.

Dealers said the rupee drew support from a bounce in local stocks as well as a sharp fall in crude oil prices which fell by about USD 10 a barrel from its all-time high of USD 146.69 per barrel yesterday.

Oil prices hovered around 136.46 dollars a barrel in Asian trade this morning.

Indian benchmark Sensex shot up by more than 575 points or 4.0 per cent in morning trading on several positive developments, including strong global cues.