Rupee ends almost flat at 73.93 against US dollar

The rupee inched higher by just 1 paisa to close at 73.93 (provisional) against the US dollar on Wednesday as elevated crude oil prices offset the impact of weak American currency and positive domestic equities.

Forex traders said the less hawkish-than-expected statement from Federal Reserve Chairman Jerome Powell calmed fears of aggressive Fed policy tightening and supported emerging market currencies. However, appreciation bias was capped as crude oil prices continued to strengthen.

At the interbank forex market, the local unit witnessed an intra-day high of 73.78 and a low of 74.04 against the US dollar. It finally settled at 73.93, a rise of just 1 paisa over its previous close.

On Tuesday, the rupee surged 11 paise to close at an over three-month high of 73.94 against the US dollar.

On the domestic equity market front, the BSE Sensex ended 533.15 points or 0.88 per cent higher at 61,150.04, while the broader NSE Nifty advanced 156.60 points or 0.87 per cent to 18,212.35.

Meanwhile, the dollar index, which measures the greenback's strength against the basket of six currencies, fell 0.02 per cent to 95.60.

Brent crude futures, the global oil benchmark, was trading 0.13 per cent lower at USD 83.61 per barrel.

Foreign institutional investors were net buyers in the capital market on Tuesday, as they purchased shares worth Rs 111.91 crore, as per stock exchange data.