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Rupee settles 4 paise lower at 74.84 against US dollar

The rupee fell 4 paise to close at 74.84 (provisional) against the US dollar on Thursday tracking weak domestic equities and strong American currency.

At the interbank forex market, the rupee opened at 74.84 and during the session fluctuated between an intra-day high of 74.80 and a low of 74.88 against the US dollar.

The domestic unit finally closed at 74.84 against the greenback, down 4 paise over its previous close 74.80.

Forex traders said rupee was trading on a muted note after the US Federal Reserve reiterated its dovish stance and held interest rates steady. Further, weak domestic equities weighed on investments sentiments.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.13 per cent to 93.57.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 240.57 points lower at 37,830.56 and broader NSE Nifty fell 73.90 points to 11,128.95.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 352.62 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.91 per cent to USD 43.35 per barrel.

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