The Rs  skidded 9 paise to close at 75.02 against the US dollar on Wednesday amid rising crude oil prices and a firm greenback.

 While foreign fund inflows supported the rupee, factors like a strong dollar, volatile domestic equities and rising COVID-19 cases dragged the local unit down, forex traders said.

 The rupee opened on a positive note at 74.88 at the interbank forex market and shuttled between 74.87 and 75.05 during the session. It finally ended at 75.02 per US dollar, down 9 paise over its previous close. It had settled at 74.93 against the US dollar on Tuesday.The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.01 per cent to 96.89.

On the domestic equity markets front, the 30-share BSE Sensex closed 345.51 points, or 0.95 per cent, lower at 36,329.01. The broader NSE Nifty shed 93.90 points, or 0.87 per cent, to finish at 10,705.75.

Foreign institutional investors were net buyers in the capital markets as they purchased shares worth Rs  829.90 crore on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.32 per cent to USD 43.22 per barrel.Meanwhile, the number of cases around the world linked to COVID-19 has crossed 1.18 crore and the death toll has topped 5.44 lakh. In India, the death toll due to the disease rose to 20,642 and the number of infections increased to 7,42,417 on Wednesday, according to the health ministry. “The USD/INR spot has been respecting the 75.05 resistance as traders are hopeful about additional government and central bank stimulus from major economies. 

 “However, until then in the absence of major economic data, the coronavirus and geopolitical fears will keep risk sentiments under check,” said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services. Gupta further said “the US-China trade tiff is escalating with Trump considering to ban TikTok app as a retribution against China for coronavirus pandemic.”