Rupee settles 8 paise higher at 73.76 against US dollar

The rupee snapped its two-day losing streak to settle higher by 8 paise at 73.76 (provisional) against the US dollar on Wednesday, tracking strong domestic equities and sustained foreign fund inflows.

At the interbank forex market, the local unit opened at 73.89 against the greenback and witnessed an intra-day high of 73.73 and a low of 73.90.

It finally ended at 73.76 against the American currency, registering a rise of 8 paise over its previous close. On Tuesday, rupee had settled at 73.84 against the American currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.29 per cent to 90.39.

On the domestic equity market front, the BSE Sensex ended 437.49 points or 0.95 per cent higher at 46,444.18, while the broader NSE Nifty advanced 143.85 points or 1 per cent to 13,610.15.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,153.00 crore on a net basis on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.02 per cent to $50.09 per barrel.