Rupee falls 11 paise to settle at 75.95 against U.S. dollar

The rupee opened lower at 75.88 against the U.S. dollar, then slipped further to quote 75.99 before finally settling at 75.95

The rupee declined 11 paise to close at 75.95 (provisional) against the U.S. dollar on Thursday as the hawkish stance of the U.S. Federal Reserve affected investor sentiments in global markets and bolstered the American currency.

At the interbank foreign exchange, the rupee opened lower at 75.88 against the U.S. dollar, then slipped further to quote 75.99. It finally settled at 75.95, down 11 paise over its previous close.

On Wednesday, the rupee tanked 55 paise, its steepest single-day fall in a month, to close at a one-week low of 75.84 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04% higher at 99.64.

Global oil benchmark Brent crude futures jumped 1.52%t to $102.61 per barrel.

"Rupee drifted towards psychological 76 as dollar heads towards a century after Fed officials are shifting from ultra-loose monetary policy to an aggressive tightening policy," said Dilip Parmar, Research Analyst, HDFC Securities.