Indian Rupee gains for 4th consecutive session, settles at 74.17 per USD

The Indian rupee settled for the day on a flat note and inched 2 paise higher to close provisionally at 74.17 against the greenback, marking the fourth straight session of gains on Thursday. Analysts said price action remained subdued as investors awaited the Reserve Bank of India's (RBI) policy decision on Friday for further cues.

At the interbank forex market, the rupee which opened at 74.15, after hitting hit an intra-day low of 74.28,  finally closed at 74.17, higher by 2 paise over its last close. On Wednesday, the rupee had settled at 74.19 against the U.S. dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.05 percent to 92.22. Brent crude futures, the global oil benchmark, rose 0.74  percent to USD 70.90 per barrel. Meanwhile, foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs.2,828.57 crore, as per exchange data.

On the share market front, the BSE Sensex ended 123 points higher at 54,492.84, while the broader NSE Nifty advanced 36.80 points percent to 16,294.60.

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