The rupee gains 4 paise against the dollar to end the day at 74.88

Despite the volatile domestic equity market trend, the rupee gained 4 paise to close provisionally at 74.88 against the US dollar on Friday, as IPO-related inflows and a slight drop in crude oil prices supported the local currency. The domestic currency opened at 74.78 against the dollar on the interbank forex market, with a high of 74.74 and a low of 74.98 during the day's trading. It eventually settled at 74.88 cents on the dollar. The rupee was trading at 74.92 against the dollar on Thursday.

The dollar index, which measures the strength of the US currency against a basket of six currencies, rose 0.22 percent to 93.55. According to exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs3,818.51 crore.

In stock market front, the BSE Sensex dropped 677.77 points, or 1.13 percent, to 59,306.93, while the broader NSE Nifty fell 185.60 points, or 1.04 percent, to 17,671.65.

The global oil benchmark, Brent crude futures, rose 0.21 percent to USD 84.50 per barrel. According to exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs 3,818.51 crore.

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