The rupee appreciated by 11 paise to close at 74.24 (provisional) against the US dollar on Wednesday, tracking gains in Asian peers against the greenback.

However, intense selling pressure in the domestic equities and surging crude oil prices kept the rupee rise in check.

At the interbank foreign exchange market, the domestic currency opened strong at 74.30 per dollar. It hovered in a range of 74.24 to 74.31 during the session.

The domestic unit finally settled at 74.24 against the greenback, a gain of 11 paise over its last close.

"The Indian rupee appreciated against the dollar this Wednesday, tracking gains in regional currencies ahead of the minutes of the Federal Reserve's latest meeting,” Sriram Iyer, Senior Research Analyst, Reliance Securities, said.

Asian currencies were stronger this Wednesday ahead of the minutes of the Fed’s July meeting, due later today, that could potentially provide a timeline to withdraw the stimulus, he added.

Indian financial markets are closed on Thursday for a local holiday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.10 per cent to 93.05.

Brent crude futures, the global oil benchmark, surged 0.77 per cent to $69.56 per barrel.

On the domestic equity market front, the BSE Sensex declined 162.78 points or 0.29 per cent to 55,629.49, while the broader NSE Nifty fell 45.75 points or 0.28 per cent to 16,568.85.

Meanwhile, foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 343.73 crore, according to the exchange data.

 

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