The rupee recovered its initial losses and settled 2 paisa up at 74.40 (provisional) against the U.S. dollar on Wednesday, ahead of the release of the minutes of the latest Federal Reserve meeting.

At the interbank forex market, the local unit opened on a weak note at 74.53 against the greenback and witnessed an intra-day high of 74.31 and a low of 74.54.

It finally ended at 74.40 against the American currency, registering a gain of just 2 paise over its previous close of 74.42.

According to Emkay Global Financial Services, the forex market is stuck in a lacklustre trading range, with focus being on Fed minutes and a slew of U.S. economic data.

“Only an upbeat data with marginally hawkish Federal Open Market Committee (FOMC) minutes will bolster the case that the US consumer is in good shape and increase bets for an earlier than expected rate hike, appreciating the USD-INR spot,” it said.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.22% to 96.70.

Brent crude futures, the global oil benchmark, fell 0.24% to $82.11 per barrel.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth ₹4,477.06 crore, as per exchange data.