<p>The rupee edged 4 paise higher to close at 73.31 against the US dollar on Wednesday, tracking weak American currency.</p>.<p>At the interbank forex market the rupee traded in a narrow range. It opened at 73.39 against the US dollar and finally settled for the day at 73.31 against the greenback, higher by 4 paise over its previous close of 73.35.</p>.<p>During the session, the domestic unit witnessed an intra-day high of 73.28 and a low of 73.47 per US dollar.</p>.<p>Market participants are still under the notion that a new US stimulus is coming, but the delay is hinting that it may be rolled out after the US election, said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.</p>.<p>“Also, the halt in Covid-19 vaccine trials calibrates that the race for a vaccine is bumpy and we cannot hope for a quick global economic recovery," he added.</p>.<p>Gupta further said that "the USD-INR spot is trading sideways in between 73-73.60 and we may see it to continue being in this range."</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 93.50.</p>.<p>On the domestic equity market front, the BSE benchmark Sensex was trading 183.53 points lower at 40,441.98, and the broader NSE Nifty dropped 65.75 points to 11,868.75.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 832.14 crore on a net basis on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, rose 0.09 per cent to USD 42.49 per barrel. </p>
<p>The rupee edged 4 paise higher to close at 73.31 against the US dollar on Wednesday, tracking weak American currency.</p>.<p>At the interbank forex market the rupee traded in a narrow range. It opened at 73.39 against the US dollar and finally settled for the day at 73.31 against the greenback, higher by 4 paise over its previous close of 73.35.</p>.<p>During the session, the domestic unit witnessed an intra-day high of 73.28 and a low of 73.47 per US dollar.</p>.<p>Market participants are still under the notion that a new US stimulus is coming, but the delay is hinting that it may be rolled out after the US election, said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.</p>.<p>“Also, the halt in Covid-19 vaccine trials calibrates that the race for a vaccine is bumpy and we cannot hope for a quick global economic recovery," he added.</p>.<p>Gupta further said that "the USD-INR spot is trading sideways in between 73-73.60 and we may see it to continue being in this range."</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 93.50.</p>.<p>On the domestic equity market front, the BSE benchmark Sensex was trading 183.53 points lower at 40,441.98, and the broader NSE Nifty dropped 65.75 points to 11,868.75.</p>.<p>Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 832.14 crore on a net basis on Tuesday, according to provisional exchange data.</p>.<p>Brent crude futures, the global oil benchmark, rose 0.09 per cent to USD 42.49 per barrel. </p>