The Indian rupee recovered its early losses on Wednesday, November 24, closing 2 paise higher provisionally at 74.40 against the dollar, ahead of the release of the latest Federal Reserve meeting minutes.

The local currency opened on a weak note against the greenback at 74.53 on the interbank forex market, and moved an intra-day high of 74.31 and a low of 74.54. It eventually settled at 74.40 against the US dollar, a gain of just 2 paise from its previous closing of 74.42.

The dollar index, which measures the strength of the US currency against a basket of six currencies, rose 0.22 percent to 96.70.  The global oil benchmark, Brent crude futures, slipped 0.24 percent to USD 82.11 a barrel.

According to exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs.4,477.06 crore.

Meanwhile, in the Indian stock market, the BSE Sensex settled 323.34 points or 0.55 percent lower at 58,340.99,  marking its fifth decline in the last six days. The NSE fell 88.30 points or 0.5 percent to end at 17,415.05.

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