Rupee slips 5 paise to 74.47/USD

The rupee slipped by 5 paise to close at 74.47 (provisional) against the US currency on Tuesday as the dollar strengthened in the overseas markets and the domestic equity indices closed with losses. Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the US Fed's policy decision due on Wednesday and month-end rebalancing.

"The Indian rupee stuck in a small range with thin volume ahead of month-end adjustment. Risk-averse sentiments, stronger dollar, lower US real interest rate, and weaker Chinese yuan weighed on the Indian rupee. Though, rupee remained resilient among Asian currency baskets in today's trade following strong dollar inflows in primary markets," said Dilip Parmar, research analyst, HDFC Securities.

At the interbank foreign exchange market, the local unit opened at 74.36 against the dollar and witnessed an intra-day high of 74.35 and a low of 74.54 during the session.