The Indian Rupee was depreciated by 12 Paise to 74.54 against the US dollar in opening trading on Wednesday, tracking stronger American currencies in foreign markets.

In interbank foreign currencies, Rupees opened on weak records at 74.53, then lost further land and touched 74.54 against the US dollar in the initial transaction, registering a 12 paise decline from near the last.

On Tuesday, Rupee was closed at 74.42 against the US dollar. Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, up 0.06 percent to 96.55.

Global Oil Benchmark Brent Crude Futures fell 0.07 percent to USD 82.25 per barrel. Asian currencies traded a little weak and the European currency continued to be lower due to fresh Coronavirus cases and the prospect of the increase in US interest rates keeping the dollar higher, said Anil Kumar Bhansali, Head of Finrex Finance Department.

According to Bhansali, Rupee is likely to move in the range of 74.30 to 74.70 during the day. “Exporters can sell for cash or very close or long term and keep the position for the medium-term menepedite at least 75.00. Importers for hedging at 74.30 and 74.40,” he said.

Foreign institutional investors are clean sellers in the capital market on Tuesday because they lowered the shares worth 4,477.06 crore, according to data exchange.

At the front of the domestic equity market, Sensex 30-shares traded 95.59 points or 0.16 percent higher at 58,759.92, while the nifty nifty rose 39.40 points or 0.23 percent to 17,542.75.