The rupee continued to wobble against the US dollar and closed at 84.74, a drop of five paise amid a strong greenback overseas even as FII inflows supported the domestic currency.

At the inter-bank forex markets on Wednesday, the rupee opened unchanged at 84.69 and traded in a tight range. However, strong demand for the US currency saw the rupee coming under pressure and hitting a record intra-day low of 84.76 after which it ended at 84.74.

Anuj Choudhary, research analyst at Mirae Asset Sharekhan, said the rupee lost initial gains amid a strong dollar and a positive tone in crude oil prices.

“The dollar strengthened amid upbeat JOLTS job openings data from the US and disappointing Caixin Services PMI data from China...USD-INR spot price is expected to trade in the range of 84.50 to 85,’’ he said.

Data from the stock exchanges showed FIIs making net purchases of ₹1,798 crore.

The dollar index, which gauges the greenback’s overseas strength against a basket of six currencies, was trading at 106.30, a drop of 0.07 per cent at the time of this report.

Brent crude, the global oil benchmark, was ruling 0.08 per cent higher at $73.64 a barrel in futures trade compared with its previous close of $73.62 per barrel.

The benchmark Sensex advanced 110 points in choppy trade on Wednesday, extending its gains to the fourth day in a row helped by buying in HDFC Bank, ICICI Bank and fresh foreign fund inflows.

The index rose 110.58 points, or 0.14 per cent, to settle at 80956.33. The NSE Nifty rose marginally by 10.30 points or 0.04 per cent to 24467.45.