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Rupee Edges Lower To End At 74.82 Against Dollar

Rupee Edges Lower To End At 74.82 Against Dollar

Rupee Vs Dollar: The rupee is down 4.85% against the dollar so far this year

Rupee Vs Dollar Rate Today: Extending losses to the third day in a row, the rupee ended five paise - or 0.07 per cent - lower at 74.82 against the US dollar on Wednesday amid strength in the greenback overseas and weakness in the domestic equity markets. It moved in a range of 17 paise between 74.76 and 74.96 against the US currency during the four-hour session, before recovering most of the day's losses. Analysts say the rupee is expected to move in a narrow range in the near term.

Domestic equity markets moved lower tracking weakness across global shares on growing uncertainty whether the US lawmakers would agree on additional fiscal stimulus to support the world's largest economy.

The S&P BSE Sensex index fell as much as 0.73 per cent - or 281.2 points - to 38,125.81 during the session, and the broader NSE Nifty 50 benchmark slid to as low as 11,242.65, down 0.71 per cent or 79.85 points from its previous close. 

Crude oil prices moved higher on Wednesday after an industry report showed that US inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.

Global benchmark Brent crude futures were last seen trading 1.17 per cent higher at $45.02 per barrel, extending losses after a fall of around 1 per cent on Tuesday.

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The dollar index - which gauges the greenback against six currencies - was last seen trading 0.15 per cent higher, having risen as much as 0.30 per cent earlier on Wednesday.

At the current level, the rupee has recovered 2.72 per cent against the US currency since an all-time low of 76.91 registered in April, but is still down 4.85 per cent so far this year.