Rupee settles 3 paise down at 75.04 against US dollar

The rupee pared some of its initial losses and settled three paise down at 75.04 (provisional) against the US dollar on Tuesday, even as domestic equity market was trading with significant gains.

The rupee opened weak at 75.13 at the interbank forex market, then pared some of its early losses to settle at 75.04 against the US dollar, down three paise over its previous close of 75.01 against the greenback.

During the session, the domestic unit witnessed an intra-day high of 74.85 and a low of 75.17 against the American currency.

Forex traders said, while favourable equity market and foreign fund inflows supported the rupee, factors like weak Asian currencies and rising Covid-19 cases dragged down the local unit.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.08 per cent to 93.46.