The Indian rupee declined by 8 paise to close at 74.14 against the U.S. dollar on Wednesday amid a dull trend in domestic equities and strengthening of the American dollar in the overseas market. At the interbank foreign exchange market, the local currency opened at 74.18 and touched an intra-day high of 74.08 and a low of 74.26 against the U.S. dollar in day trade. However, the local unit finally settled at 74.14 a dollar, down 8 paise over its previous close. On Tuesday, the rupee had settled at 74.06 against the Dollar.

A surge in commodity prices has also fuelled the worries over short-term inflation pressures. Furthermore, investors remained vigilant ahead of speeches of major central banks across the globe to get hints on future monetary stance.

The dollar index, which gauges the Dollar’s strength against a basket of six currencies, was trading 0.06 percent higher at 93.82. Meanwhile, Brent crude futures, the global oil benchmark, declined 0.61 percent to $78.61 per barrel.

On the domestic equity market front, the BSE Sensex ended 254.33 points or 0.43 percent lower at 59,413.27, while the broader NSE Nifty declined 37.30 points or 0.21 percent to 17,711.30.

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