MUMBAI : The Indian rupee closed at a two-month low against the US dollar tracking losses in domestic equities. The local currency settled at 74.11, a level last seen on 26 August. The unit had closed at 73.88 to a dollar on Wednesday.

The Indian unit had opened at 74.05 today and swung between a high of 73.95 and a low of 74.17. Year to date, the Indian currency has shed 3.68%.

Jateen Trivedi, senior research analyst, LKP Securities, said, “Rupee ended lower near 74.11 on broad sell off in capital markets globally, giving some strength to US Dollar Index. Weak stock strong dollar along with month-end oil importers demand supported USDINR. 74.55-74.65 can be on cards in coming sessions.”

The dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.09% to 93.49.

At 0315 pm, the benchmark Sensex was down 207.30 points at 39,715.16 while the broader NSE Nifty fell 56.60 points to 11,673.

Foreign institutional investors have net bought $6.85 billion in equities and sold $14.21 billion in debt markets respectively since the beginning of 2020, while domestic institutional investors have invested 50268.62 crore in stocks, according to data from the exchanges.

Brent crude futures, the global oil benchmark, fell 1.46% to $38.55 per barrel.

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