Rupee pares initial losses to close 11 paise up at 74.12 against US Dollar

Global oil benchmark Brent crude futures fell 0.49 per cent to USD 77.93 per barrel.

\Despite a sluggish trend in local equities, the rupee overcame early losses and ended the day stronger by 11 paise at 74.12 against the US dollar on Friday.

The local currency experienced a lot of volatility on the interbank foreign exchange market. On a negative note, it began the day, opening at 74.33 per dollar, down from the previous close of 74.23.

During the day, it patronized in a range of 74.11 to 74.35 per dollar before settling at 74.12 versus the US dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, increased 0.03 percent to 94.25.

The BSE Sensex fell 360.78 points, or 0.61 percent, to 58,765.58, while the broader NSE Nifty down 86.10 points, or 0.49 percent, to 17,532.05 in the domestic equity market.

According to exchange data, foreign institutional investors were net sellers in the capital market on Thursday, offloading shares worth Rs 2,225.60 crore.