Rupee snaps 9-day winning streak, slips 3 paise against U.S. dollar

The rupee is expected to trade in a close range this week.

Photo used for representational purpose only. File

The rupee snapped its nine-day winning streak to settle 3 paise lower at 74.73 (provisional) against the U.S. dollar on Wednesday, following weakness in domestic equities.

At the interbank foreign exchange, the rupee started on a tepid note at 74.69 against the dollar. During the day, it witnessed a high of 74.68 and a low of 74.86.

On Tuesday, the rupee registered its ninth straight session of gain and surged 30 paise to close at a one-month high of 74.70 against the greenback.

The rupee is expected to trade in a close range this week amid the year-end holidays, forex traders said.

On the domestic equity market front, the BSE Sensex ended 90.99 points or 0.16 % lower at 57,806.49, while the broader NSE Nifty declined 19.65 points or 0.11 % to 17,213.60.

Meanwhile, the dollar index, which measures the greenback's strength against the basket of six currencies, advanced 0.18 % to 96.37.

Brent crude futures, the global oil benchmark, rose 0.11 % to $ 79.03 per barrel.

Foreign institutional investors turned net buyers in the capital market on Tuesday, as they purchased shares worth ₹ 207.31 crore, as per stock exchange data.