Despite a sluggish trend in local stocks, the Indian rupee pared earlier losses to trade 9 paise higher at 74.28 provisionally against the US dollar on Wednesday.  The local currency opened weakly versus the greenback at 74.51 on the interbank forex market, but later finished at 74.28, up 9 paise from its previous close of 74.37. During the day, the local currency fluctuated between 74.25 and 74.51.

The global oil benchmark, Brent crude futures, slid 0.87 percent to USD81.71 a barrel. In the meantime, the dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.03 percent at 95.94.

According to exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 560.67 crore.

Meanwhile, in the Bombay Stock Exchange (BSE) Sensex fell to a low of 59,945, before closing 314 points lower at 60,008 on the local stock market. The National Stock Exchange (NSE) Nifty was down 100 points At 17,899. For the second day in a row, Reliance Industries was accounted for nearly half of the Sensex's loss. The RIL shares finished 2 percent down at Rs 2,462. Axis Bank and Kotak Bank were also down by about 2 percent each.

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