Rupee drops by 9 paise to close at 74.71 against US dollar

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Mumbai, Jul 8 (PTI) The rupee weakened by 9 paise to end at 74.71 (provisional) against the US currency on Thursday as weaker domestic equities weighed on the forex market sentiment.

However, a weak dollar overseas and lower crude prices capped the losses in the domestic unit, forex dealers said.

At the interbank foreign exchange market, the rupee opened weak at 74.75 per dollar. It hovered in a range of 74.84 to 74.65 during the session before ending at 74.71 against the greenback.

On Wednesday, the rupee had settled at 74.62 against the US dollar.

On the domestic equity market front, the BSE Sensex ended 485.82 points or 0.92 per cent lower at 52,568.94, while the broader NSE Nifty fell 151.75 points or 0.96 per cent to 15,727.90.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.18 per cent to 92.47.

Brent crude futures, the global oil benchmark, fell 0.68 per cent to USD 72.93 per barrel.

Foreign institutional investors were net buyers in the capital market on Wednesday as they bought shares worth Rs 532.94 crore, as per exchange data. PTI BAL MR MR

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