The rupee on Wednesday recovered its opening losses and closed 2 paise higher at 74.40 (provisional) against the US dollar, ahead of the release of the minutes of the latest Federal Reserve meeting.
In the interbank forex market, the local unit opened on a weaker note against the greenback at 74.53 and saw intra-day highs of 74.31 and 74.54 lows.
It finally closed at 74.40 against the US currency, registering a gain of just 2 paise over its previous close of 74.42.
According to Emkay Global Financial Services, the forex market is stuck in a weak trading range, with focus on Fed minutes and several US economic data.
It said, “Only an upbeat data with Federal Open Market Committee (FOMC) minutes will strengthen the case that the US consumer is in good stead and raises the stakes for an earlier rate hike as the USD-INR spot appreciates.” “
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.22% to 96.70.
Global oil benchmark Brent crude futures fell 0.24% to $82.11 a barrel.
Foreign institutional investors were net sellers in the capital markets on Tuesday as they sold shares worth Rs 4,477.06 crore, according to exchange data.
,