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The rupee snapped its two-day losing streak to settle 10 paise higher at 74.27 against the US dollar on Wednesday, tracking a weak greenback overseas.
At the interbank forex market, the local unit opened at 74.26 against the American currency and witnessed an intra-day high of 74.07 and a low of 74.39.
It finally ended at 74.27 against the US dollar, registering a rise of 10 paise over its previous close. On Tuesday, the rupee had settled at 74.37.
The dollar index, which gauges the greenback's strength against a basket of six currencies, dipped 0.01 per cent to 91.74.
"The USD-INR spot is following the trend in dollar. Fed's Powell downplaying the threat of tapering is not weighing on the spot, rather Fed rate hike worries has kept all the dollar bulls active," said Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services.
Gupta added that "until the spot tries above 73.75-73.80, it will remain afloat with immediate resistance around 74.50 and then 74.75 zone. While the major supports lies around 73.75-73.50-73.45."
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