Indian rupee settles 6 paise lower at 74.90 against US dollar

The rupee settled 6 paise lower at 74.90 (provisional) against US dollar on Friday tracking weak domestic equities.

At the interbank forex market, the local unit opened at 74.85 against the US dollar, then lost ground and finally settled at 74.90 against the American currency, registering a decline of 6 paise over its previous close of 74.84.

During the session, the rupee witnessed an intra-day high of 74.74 and a low of 74.93 against the greenback.

Meanwhile, wholesale price-based inflation declined 0.58 per cent in July, even as food items turned costlier. WPI inflation in June was at (-) 1.81 per cent, according to official data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 93.29.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 376.46 points lower at 37,934.03 and broader NSE Nifty was trading 133.70 points down at 11,166.75.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 416.28 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.67 percent to USD 44.66 per barrel.