Rupee Edges Higher To 73.55 Against Dollar, Breaks 2-Day Losing Streak

Rupee vs Dollar Today: The rupee recovered early losses to end at 73.55 against the US dollar on Wednesday, up five paise - or 0.07 per cent - compared to its previous close, as the greenback continued to rise against a basket of currencies. It moved in a range of 28 paise, between 73.47 and 73.75, against the US currency during the four-hour session, before settling marginally higher for the day. At the current level, the rupee has recovered 4.37 per cent from an all-time low of 76.91 registered in April, but is still down 3.04 so far this year.

Domestic share markets were on course to close lower for a second straight day, as a deepening selloff in global stock markets along with rising COVID-19 cases hurt market sentiment.

The Sensex index shed 430.09 points - or 1.12 per cent - to hit 37,935.26 at the weakest level during the session, whereas the broader Nifty benchmark slid to as low as 11,185.15, down 132.2 points - or 1.17 per cent - from its previous close.

The dollar index - which measures the dollar against six other currencies - was last seen trading up 0.16 per cent, having risen to a near one-month peak earlier on Wednesday.

"The risk sentiment has turned around completely on both global as well as domestic front... Fears of escalation in India-China border tensions led to a selloff in Indian equities, debt and the rupee," said Abhishek Goenka, founder and CEO of forex advisory firm IFA Global.

Meanwhile, crude oil prices continued to drop amid a rebound in COVID-19 cases in some countries, undermining hopes for a steady recovery in global demand.