Rupee recovers 14 paise to close at 74.44 against US dollar, snapping a 3-day losing skid

Even as the domestic equities market ended the day with hefty losses, the rupee ended its three-day losing skid by finishing 14 paise higher at 74.44 against the US dollar on Wednesday, tracking positive regional counterparts.

The rupee began lower at 74.70 per dollar on the interbank foreign exchange market, down 12 paise from the previous close. During the day, it recovered some of its losses and reached an intraday high of 74.32.  The domestic currency eventually finished at 74.44  against the US dollar, up 14 paise from its previous closing. The rupee fell 33 paise versus the dollar on Tuesday, hitting a two-week low of 74.58.

The US dollar index, which measures the strength of the greenback against a basket of six currencies, slipped 0.11 percent to 95.62. The global oil benchmark, Brent crude futures, rose 0.94 percent to $ 88.33 per barrel.

According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 1,254.95 crore. The BSE Sensex fell 656.04 points, or 1.08 percent, to 60,098.82, while the broader NSE Nifty fell 174.65 points, or 0.96 percent, to 17,938.40.

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