The rupee on Wednesday declined by 5 paise to close at 74.24 against the US currency due to a stronger dollar in the overseas markets.
Dollar demand from oil marketing companies and importers also weighed on the rupee, analysts said.
At the interbank foreign exchange market, the domestic currency opened marginally down at 74.20 and later dropped to a low of 74.30 in the day trade.
On Tuesday, the rupee had settled at 74.19 against the US dollar.Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04 per cent higher at 92.93.
Brent crude futures, the global oil benchmark, fell 0.15 per cent to USD 70.94 per barrel.
