Indian Rupee rallies 47-ps to settle at 74.88 against US dollar

The rupee surged by 47 paise to provisionally close at 74.88 against the greenback (USD) on Wednesday on easing global crude oil prices. A rising American currency in the overseas market and losses in the domestic equity markets put some pressure on the rupee, the forex dealers said.

At the interbank forex market, the local unit which opened strong at 75.10 against the greenback later gained strength to settle at 74.88, higher by 47 paise over its previous close of 75.35. The dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.12 percent to 93.84.

The local unit moved in a range of 74.83 to 75.13 in the day trade. The currency market was closed on Tuesday for the ‘Id-E-Milad’ holiday.

Meanwhile, Brent crude futures, the global oil benchmark, fell 0.83 percent to USD 84.37 per barrel. On the domestic equity market front, the BSE Sensex ended 456.09 points or 0.74 percent lower at 61,259.96, while the broader NSE Nifty declined 152.15 points or 0.83 percent to 18,266.60.


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