Rupee erased most of its initial losses and settled 3 paise down at 74.42 (provisional) against the US dollar on Tuesday, tracking a positive trend in domestic equities and easing crude oil prices. At the interbank forex market, the local unit opened at 74.48 against the greenback and witnessed an intra-day high of 74.38 and a low of 74.57. It finally ended at 74.43 against the American currency, registering a fall of just 4 paise over its previous close of 74.39. The dollar index, which gauges the greenbacks strength against a basket of six currencies, dropped to 96.47. The dollar index reached new 16-month highs and its strongest in more than four years versus the yen after Federal Reserve Chair Jerome Powell was picked for a second term, reinforcing market expectations that U.S. interest rates will rise in 2022.
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