On the overseas front, dollar bulls remained in control.
The rupee on Wednesday closed 5 paise lower at 74.79 (provisional) against the US dollar amid continued foreign fund outflows and rise in crude oil prices.
At the interbank forex, the rupee opened at 74.70 against the US dollar, and later saw an intra-day high of 74.68 and a low of 74.87 against the greenback.
The local unit finally ended the day at 74.79, 5 paise lower than its previous close of 74.74.
Dilip Parmar, Research Analyst, HDFC Securities, said, “The rupee has been very weak ahead of the Reserve Bank of India (RBI) monetary policy, but has seen a slow depreciation in the last two days due to foreign fund outflows from domestic equities and bonds. ” ,
On the overseas front, dollar bulls remained in control with the greenback rallying from its 100-day moving average, while equities were managing to recover some lost ground.
“Spot USDINR is likely to consolidate in the range of 74.60 to 75.10 in the next few days,” Mr. Parmar said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.14% lower at 95.51.
On the domestic equity market front, the 30-share Sensex closed 657.39 points or 1.14% higher at 58,465.97, while the broader NSE Nifty ended 197.05 points or 1.14% higher at 17,463.80.
Global oil benchmark Brent crude futures fell 0.36% to $90.45 a barrel.
Foreign institutional investors were net sellers in the capital market on Tuesday as they sold shares worth ₹ 1,967.89 crore, according to stock exchange data.
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