Rupee inched higher by just 1 paisa to close at 73.93 (provisional) against the US dollar on Wednesday as elevated crude oil prices offset the impact of weak American currency and positive domestic equities. Federal Reserve Chairman Jerome Powell calmed fears of aggressive Fed policy tightening and supported emerging market currencies. However, appreciation bias was capped as crude oil prices continued to strengthen. At the interbank forex market, the local unit witnessed an intra-day high of 73.78 and a low of 74.04 against the US dollar. It finally settled at 73.93, a rise of just 1 paisa over its previous close. On Tuesday, the rupee surged 11 paise to close at an over three-month high of 73.94 against the US dollar.
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