The Indian rupee fell 3 paise to 75.53 against the dollar on Thursday, reflecting a firm American currency amid fears over the economy's impact from the new COVID variant. The local currency opened at 75.45 against the greenback on the interbank foreign exchange market. The local currency quickly gave up its early gains and fell to a low of 75.58 against the US dollar. The rupee ended the day at 75.53, down 3 paise from the previous closing.

The Indian rupee sank to a two-month low of 75.50 against the US dollar on Wednesday, as the Reserve Bank of India's bi-monthly monetary policy decision failed to entice forex market players.

The Reserve Bank of India kept borrowing costs at a record low for the ninth consecutive day on Wednesday, deciding to keep supporting economic development despite concerns over the impact of the Omicron strain on the economy.

The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.20 percent at 96.08. Meanwhile, Brent crude futures, slipped0.46% to USD 75.47 per barrel. FPIs were bearish in the capital market last day as they offloaded shares worth Rs579.27 crore, as per exchange data.

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