Rupee surges 22 paise to close at 74.46 against US dollar

The rupee appreciated by 22 paise to close at 74.46 (provisional) against the US dollar on Wednesday on the back of easing crude oil prices and foreign fund flows into domestic IPOs.

Besides, a weak American currency in the overseas market also helped the local unit, forex dealers said.

At the interbank forex market, the rupee opened strong at 74.64 against the greenback and later gained strength to settle at 74.46, higher by 22 paise over its previous close of 74.68.

The local unit moved in a range of 74.46 to 74.64 in the day trade.

Brent crude futures, the global oil benchmark, fell 1.63 per cent to USD 83.34 per barrel.

On the domestic equity market front, the BSE Sensex ended 257.14 points or 0.43 per cent lower at 59,771.92, while the broader NSE Nifty declined 59.75 points or 0.33 per cent to 17,829.20.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.03 per cent to 94.04.

Foreign institutional investors were net buyers in the capital market on Tuesday, as they bought shares worth Rs 244.87 crore, according to exchange data.