Rupee settles 6 paise lower at 74.82 against US dollar

The rupee pared its initial gains and settled 6 paise lower at 74.82 against the US dollar on Wednesday, even as the domestic equity market traded in the positive territory.

At the interbank forex market, the domestic unit opened at 74.71 against the US dollar, but lost ground and finally settled at 74.82 against the US dollar, down 6 paise over its previous close of 74.76.

During the session, the local unit witnessed an intra-day high of 74.67 and a low of 74.93 against the greenback.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 percent to 92.23.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 207.78 points higher at 38,736.10 and broader NSE Nifty advanced 57.65 points to 11,443.00.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 1,134.57 crore on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, slipped 0.92 percent to $45.04 per barrel.