The Indian rupee recovered by 9 paise to provisionally close at 74.38 against the U.S. currency on Wednesday, July 28, defeating it two-day losing run ahead of the U.S. Fed policy decision. Forex traders commented the rupee is trading in a narrow range ahead of the monthly expiry and the U.S. Fed's policy decision.

At the interbank foreign exchange market, the rupee which opened at 74.44 against the dollar witnessed an intra-day high of 74.31 and a low of 74.49 during the session, and  finally ended at 74.38, higher by 9 paise over its last close. On Tuesday, the rupee had settled at 74.47 against the U.S dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 percent to 92.49.

On the domestic equity market front, the BSE Sensex ended 135.05 lower at 52,443.71, while the broader NSE Nifty declined 37.05 points to 15,709.40. Global oil benchmark Brent crude advanced 0.77 percent to USD75.05 per barrel in futures trade. Meanwhile, foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs.1,459.08 crore, as per exchange data.

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