Summary:
Mumbai, Dec 1 (PTI) The rupee rose by 22 paise to close at 74.91 against the US dollar on Wednesday as positive economic data and a weak American currency in the overseas markets boosted investor sentiment.
Stronger emerging market currencies, expected foreign fund inflows into IPOs and strong gains in domestic equities also supported the local unit.
At the interbank forex market, the domestic unit opened at 74.96 against the greenback and witnessed an intra-day high of 74.79 and a low of 75.02 during the day"s trade.
It finally ended at 74.91 a dollar.
On Tuesday, the rupee dropped by 6 paise to 75.13 against the US dollar amid concerns over the fresh impact of the new COVID variant on the economy.
The rupee has been under pressure over the last few trading sessions, as the detection of a new coronavirus variant re-ignited growth concerns and hurt risk appetite.