It finally ended at 73.08.
The rupee on Wednesday closed eight paise lower at 73.08 against the US dollar in a four-session win, as domestic equities and the strong greenback overseas weighed on market sentiment.
In the interbank forex market, the local unit opened at 73.05 against the US currency and witnessed an intra-day high of 72.92 and a low of 73.50.
It finally closed at 73.08, registering a decline of 8 paise over its previous close. On Tuesday, the rupee had closed at 73.00 against the US currency.
Research Analyst Dilip Parmar said, “Rupee rebounded from two-and-a-half-month highs on account of short covering with weaker Asian currencies. Rebound in dollar index as well as dollar buying on the rupee around 73 levels. It also had an effect.” , HDFC Securities.
Medium-term bias for rupee remains bullish while near-term bargaining or profit booking cannot be ruled out after rising 1.7% in just four trading sessions, Parmar said, adding that spot USDINR will find resistance at 73.65. and is on support. 72.75.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03% higher at 92.65.
Global oil benchmark Brent crude futures rose 0.43% to $71.94 a barrel.
On the domestic equity market front, the BSE Sensex ended 214.18 points or 0.37% lower at 57,338.21, while the broader NSE Nifty ended 55.95 points or 0.33% lower at 17,076.25.
Foreign institutional investors were net buyers in the capital markets on Tuesday as they bought shares worth Rs 3,881.16 crore, according to exchange data.
Meanwhile, India’s economic growth grew at a record 20.1% in the April-June quarter of this fiscal, despite a disastrous second wave of COVID-19, helped by a low base from the year-ago period.
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