Re gains 11 paise to close at 74.24/USD

The rupee appreciated by 11 paise to close at 74.24 (provisional) against the US dollar on Wednesday, tracking weaker American currency against key rivals overseas. However, intense selling pressure in the domestic equities and surging crude prices kept the rupee rise in check, forex dealers said. At the interbank foreign exchange (forex) 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. On Tuesday, the rupee had settled at 74.35 against the greenback. 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.