Rupee settles 5 paise higher at 73.55 against US dollar

Snapping its two-day losing streak, the rupee rebounded by 5 paise and settled at 73.55 (provisional) against the US dollar on Wednesday, even as the domestic equity market was trading with significant losses.

At the interbank forex market, the domestic unit opened at 73.67 against the US dollar, and finally ended the day at 73.55, registering a rise of 5 paise over its last close.

During the trading session, the local unit witnessed high volatility and touched an intra-day high of 73.47 and a low of 73.73 against the greenback.

On Tuesday, rupee had depreciated by 25 paise to settle at more than one-week low of 73.60 against the US dollar on Tuesday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.10 per cent higher at 93.54.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 301.21 points lower at 38,064.14 and broader NSE Nifty fell 82.05 points to 11,235.30.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 1,056.52 crore on a net basis on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.28 per cent to USD 40.29 per barrel.