Rupee snaps 9-day winning streak

Mumbai: The rupee snapped its nine-day winning streak to settle 3 paise lower at 74.73 (provisional) against the US dollar on Wednesday, following weakness in domestic equities.

At the interbank foreign exchange, the rupee started on a tepid note at 74.69 against the dollar. During the day, it witnessed a high of 74.68 and a low of 74.86. On Tuesday, the rupee registered its ninth straight session of gain and surged 30 paise to close at a one-month high of 74.70 against the greenback. The rupee is expected to trade in a close range this week amid the year-end holidays, forex traders said.

Foreign institutional investors turned net buyers in the capital market on Tuesday, as they purchased shares worth Rs 207.31 crore, as per stock exchange data.