The rupee snapped its two-day losing streak to settle 10 paise higher at 74.27 (provisional) against the US dollar on Wednesday, following the weakness of the American currency in the overseas market.
At the interbank forex market, the local unit opened at 74.26 against the greenback and witnessed an intra-day high of 74.07 and a low of 74.39.
It finally ended at 74.27 against the American currency, registering a rise of 10 paise over its previous close. On Tuesday, rupee had settled at 74.37.
The dollar index, which gauges the greenback's strength against a basket of six currencies, dipped 0.01 per cent to 91.74.
"The USD-INR spot is following the trend in dollar. Fed's Powell downplaying the threat of tapering is not weighing on the spot, rather Fed rate hike worries has kept all the dollar bulls active," said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
Gupta added that "until the spot tries above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then 74.75 zone. While the major supports lies around 73.75-73.50-73.45."
On the domestic equity market front, the BSE Sensex ended 282.63 points or 0.54 per cent lower at 52,306.08, while the broader NSE Nifty declined 85.80 points or 0.54 per cent to 15,686.95.
Brent crude futures, the global oil benchmark, rose 0.95 per cent to USD 75.52 per barrel.
Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,027.94 crore, as per exchange data.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU