The Indian rupee appreciated by 11 paise to close at 74.24 against the U.S. dollar on Wednesday, tracking weaker American currency against key rivals overseas. An intense selling pressure in the domestic equities and surging crude prices kept the rupee rise in check, according to analysts.
At the interbank foreign exchange market, the domestic currency opened strong at 74.30 per dollar. It hovered in a range of 74.24 to 74.31 during the session. The domestic unit finally settled at 74.24 against the greenback, a gain of 11 paise over its last close. On Tuesday, the rupee had settled at 74.35 against the US Dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.10 percent to 93.05. Meanwhile, Brent crude futures, the global oil benchmark, surged 0.77 percent to Rs69.56 per barrel.
On the share market front, the BSE Sensex declined 162.78 points to 55,629.49, while the broader NSE Nifty fell 45.75 points to 16,568.85. Meanwhile, FPIs were net sellers in the capital market on Tuesday as they offloaded shares worth Rs.343.73 crore, according to the exchange data.