Rupee surges 25 paise to close at 75.07 against US dollar

The rupee appreciated by 25 paise to close at 75.07 (provisional) against the US dollar on Wednesday, amid signs of de-escalation in the conflict between Russia and Ukraine. At the interbank forex market, the local unit opened at 75.24 against the greenback and witnessed an intra-day high of 74.96 and a low of 75.24. It finally settled at 75.07, a rise of 25 paise over its previous close.

On Tuesday, the rupee had snapped its five-session losing streak and surged 28 paise to close at 75.32. US President Joe Biden has said that the US is ready to respond "decisively" to a Russian attack on Ukraine which is still very much a possibility, urging Moscow to step back from the brink of war.

Biden said the US is still open for diplomacy to resolve the issue while stressing that more than 150,000 Russian troops remain on the Ukrainian border.

Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.19 percent to 95.80.

On the domestic equity market front, the BSE Sensex ended 145.37 points or 0.25 percent lower at 57,996.68, while the broader NSE Nifty declined 30.25 points or 0.17 percent to 17,322.20.

Brent crude futures, the global oil benchmark, was trading 0.80 percent higher at USD 94.03 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 2,298.76 crore, as per stock exchange data.