Indian rupee climbs 47 paise to close at 74.88 against the US dollar

The rupee jumped 47 paise to close at 74.88 (provisionally) against the US dollar on Wednesday following lower global crude oil prices.

The surge of the US currency in the overseas market and losses in domestic stock markets put some pressure on the rupee, traders said.

In the interbank forex market, the local unit opened strongly at 75.10 against the greenback and then strengthened to stand at 74.88, up 47 paise from its previous close of 75 , 35. Local unity evolved in a range of 74.83 to 75.13 during the day.

The currency market was closed on Tuesday for the Id-E-Milad ‘holiday.

Currency traders said the rupee’s rise was mainly supported by falling crude oil prices in international markets.

Futures on Brent crude, the world’s benchmark for oil, fell 0.83% to $ 84.37 per barrel.

Meanwhile, the dollar index, which measures the strength of the greenback against a basket of six currencies, jumped 0.12% to 93.84.

On the national stock market front, the BSE Sensex finished lower 456.09 points or 0.74% to 61,259.96, while the broad NSE Nifty index lost 152.15 points or 0 , 83% at 18,266.60.

Foreign institutional investors were net sellers in the capital market on Tuesday as they got rid of shares worth Rs 505.79 crore, according to stock exchange data.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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