Indian Rupee erased early gains to close 14 paise lower at 73.80 against the American dollar (USD) on Wednesday. The local unit tracked weak domestic indices to close lower despite a great start.
On December first, the rupee surged 37 paise to settle at 73.68 against the US dollar. The domestic currency on Wednesday opened 22 paise higher at 73.44 against the US dollar, supported by FPIs inflows into equity markets. It touched an intraday high of 73.42 and low of 73.83 on Wednesday.
In addition, positive developments on Covid-19 vaccine front, improved domestic macro-economic data and weakness of the American currency against key rivals also supported the rupee. Nevertheless, it started to fall due to volatile trade in the domestic market in the afternoon and eventually closed at 73.80 below 14 paise against the US Dollar. Meantime, Oil benchmark Brent Crude also traded marginally lower at 47.37 around 4 pm.
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