Rupee drops by 9 paise to close at 74.71 against U.S. dollar

However, a weak dollar overseas and lower crude prices capped the losses in the domestic unit, forex dealers said.

The rupee weakened by 9 paise to end at 74.71 (provisional) against the U.S. currency on Thursday as weaker domestic equities weighed on the forex market sentiment.

However, a weak dollar overseas and lower crude prices capped the losses in the domestic unit, forex dealers said.

At the interbank foreign exchange market, the rupee opened weak at 74.75 per dollar. It hovered in a range of 74.84 to 74.65 during the session before ending at 74.71 against the greenback.

On Wednesday, the rupee had settled at 74.62 against the U.S. dollar.

On the domestic equity market front, the BSE Sensex ended 485.82 points or 0.92% lower at 52,568.94, while the broader NSE Nifty fell 151.75 points or 0.96% to 15,727.90.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.18% to 92.47.

Brent crude futures, the global oil benchmark, fell 0.68% to $72.93 per barrel.

Foreign institutional investors were net buyers in the capital market on Wednesday as they bought shares worth ₹532.94 crore, as per exchange data.

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