Rupee gains against $, settles at 73.76

Mumbai: The rupee snapped its two-day losing streak to settle higher by 8 paise at 73.76 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. "Rupee rebounded after two days of decline. Risk-on sentiments along with a weaker dollar index supported the local currency. The pound advanced against the dollar as the EU's chief Brexit negotiator said the two sides were ready to make 'a final push'," said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities. Vakil further noted that the near term outlook for spot USDINR remains range bound with higher side resistance at 74.1.