During the session, the rupee witnessed high volatility and touched a high of 76.43 and a low of 76.68 against the US dollar.

During the day, the local unit hit an intraday high 75.99 and a low of 76.48 against the American currency.

Forex traders said rising brent prices and firm US dollar index also weighed on the local unit.

Motilal Oswal Financial Services expects the rupee (Spot) to quote in the range of 75.20 and 76.20.

The Indian unit finally settled at 75.20, down 8 paise against the US dollar.

The dollar index, which measures the greenback's strength against a basket of six other major currencies, rose about 1.0% to 101.76.

The domestic unit depreciated nearly 80 paise to record low of 75.02 per dollar against the previous close of 74.23.

The domestic unit finally finished at 74.26, down 2 paise over its previous close.

"USDINR pair is expected to quote in the range of 73.70 and 74.40,” said Motilal Oswal.

The US Dollar Currency Index shed most of its gains for the year over the last few days.

Estimates published by United Nations Conference on Trade and Development (UNCTAD) Wednesday said that the slowdown of manufacturing in Chi...

In the three consecutive sessions till Tuesday, the rupee has depreciated by 160 paise.

In the previous session, the local currency declined to the lowest level in a year.

The euro climbed as high as $1.1185 overnight, its highest since early January while the dollar sank to a six-week low against a basket of ...

The euro last traded 0.3 per cent firmer at a month-high of $1.059.

"USDINR pair is expected to quote in the range of 71.20 and 71.80,” said Motilal Oswal Financial Services.

Spot gold was little changed at $1,582.83 per ounce as of 0453 GMT.