Rupee settles 14 paise lower at 75.80 against US dollar

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The rupee depreciated by 14 paise to 75.80 (provisional) against the US dollar on Wednesday as headwinds due to US-China trade tiff and worries over the second wave of coronavirus infection weighed on investor sentiment.

Forex traders said positive domestic equities supported the local unit, while sustained foreign fund outflows, US-China trade tiff and concerns over coronavirus pandemic weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.60, but pared the initial gains to finally close at 75.80, registering a fall of 14 paise over its previous close.

On Tuesday, the rupee had settled at 75.66 against the US dollar.

During the trading session, the domestic unit witnessed heavy volatility and saw an intra-day high of 75.60 and a low of 75.86.

Domestic bourses were trading on a positive note with the benchmark Sensex trading 427.29 points higher at 30,623.46 and broader Nifty rising 149.60 points to 9,028.70.

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