Rupee settles 17 paise higher at Rs.74.74 against US dollar

The rupee appreciated 17 paise to close at Rs.74.74 (provisional) against the US dollar on Tuesday tracking positive domestic equities and hopes of a COVID-19 vaccine.

At the interbank forex market, the domestic unit opened on a strong note at Rs.74.79 against US dollar.

During the session, it touched an intra-day high of Rs.74.73 and a low of Rs.74.87 against the US dollar and finally settled at Rs.74.74, up 17 paise over its previous close.

It had settled at Rs.74.91 against the US dollar on Monday.

Forex traders said positive domestic equities, foreign fund inflows and hopes of a COVID-19 vaccine supported the rupee.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.03 per cent to 95.80.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 490.70 points higher at 37,909.69 and broader NSE Nifty rose 132.80 points to 11,155.00.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs.1,709.97 crore on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.71 per cent to USD 44.02 per barrel.