The rupee pared its initial gains to settle on a flat note at 74.83 (provisional) against the US dollar on Wednesday, even as the domestic equities closed on a positive note. Forex traders said higher-than-expected borrowing in the next financial year and weak fiscal deficit projections from the government weighed on investor sentiments.

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At the interbank foreign exchange, the rupee opened at 74.76 against the American dollar, and later witnessed an intra-day high of 74.71 and a low of 75.02 against the greenback. The local unit finally ended the day at 74.83, down 1 paisa from the previous close of 74.82.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.31 percent lower at 96.09. On the domestic equity market front, the 30-share Sensex ended 695.76 points or 1.18 percent higher at 59,558.33, while the broader NSE Nifty settled up 203.15 points or 1.16 percent to 17,780.00.

Global oil benchmark Brent crude futures fell 0.30 percent to USD 88.89 per barrel. Foreign institutional investors were net sellers in the capital market on Tuesday, as they offloaded shares worth Rs 21.79 crore, as per stock exchange data.

According to provisional data of the commerce ministry, the country's exports rose by 23.69 percent to USD 34.06 billion in January, on healthy performance by engineering, petroleum and gems and jewellery segments even as the trade deficit widened to USD 17.94 billion during the month.

First Published:Feb 2, 2022 4:42 PM IST