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The rupee fell by 14 paise to 75.16 against the dollar amid selling in equities



Brent crude futures rose 2.54 per cent to $71.44 a barrel.

The rupee ended 14 paise lower at 75.16 (provisional) against the US dollar, tracking heavy selling in domestic equities amid rising concerns over the new COVID-19 crisis. At the interbank forex market, the local unit opened at 74.98 and recorded an intra-day high of 74.95 and a low of 75.18 against the greenback in a volatile trading session.

The local unit finally closed at $75.16 a dollar, 14 paise lower than its previous close. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent higher at 96.21.

On the domestic equity market front, the BSE Sensex ended 764.83 points or 1.31 per cent lower at 57,696.46, while the broader NSE Nifty slipped 204.95 points or 1.18 per cent to 17,196.70.

The rupee has been under pressure in the last few trading sessions as the detection of new coronavirus variant Omicron revived growth concerns and hurt risk appetite. Moreover, according to traders, non-stop foreign fund outflows affected investor sentiments.

According to the exchange data, foreign institutional investors were net sellers in the capital market on December 2 as they offloaded shares worth Rs 909.71 crore. Meanwhile, global oil benchmark Brent crude futures rose 2.54 per cent to $71.44 per barrel.