Rupee closes 14 paise lower at 73.80 against the US dollar

The local unit tracked weak domestic indices to close lower despite starting 22 paise higher.

Dec 02, 2020 10:12 IST India Infoline News Service

Benchmark Indian currency, Rupee erased early gains to close 14 paise lower at 73.80 against the US dollar on Wednesday. The local unit tracked weak domestic indices to close lower despite a great start.

On Tuesday, the rupee surged 37 paise to settle at 73.68 against the US dollar. The rupee on Wednesday opened 22 paise higher at 73.44 against the US dollar, supported by foreign inflows into domestic equities. It touched an intraday high of 73.42 and low of 73.83 on Wednesday.

Besides, positive developments on Covid-19 vaccine front, improved domestic macro-economic data and weakness of the American currency against key rivals also supported the rupee.

However, it started to fall due to volatile trade in the domestic market in the afternoon and eventually closed at 73.80 below 14 paise against the greenback.

Oil benchmark Brent Crude also traded amrginally lower at 47.37 around 3.48 pm. 

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