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.

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Prices of petrol and diesel went up on Saturday as oil companies continued to fuel rates in the line with costs.

According to a price notification of state oil market companies, petrol price has been increased by 25 paise per liter and diesel 21 paise per litre in Delhi. The price of brent crude oil stands at $41.02.

Customers will have to pay Rs 80.38 for every litre of petrol and Rs 80.40 for diesel in the national capital. In Mumbai, petrol will cost Rs 87.14 per litre and diesel Rs 78.71 per litre.

Opposition parties have been attacking the government over the fuel price hike and the Congress is planning a mass protests across the country on Monday over the “unprecedented” rise in petrol and diesel prices.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).Taxes make up for nearly two-thirds of the retail selling price.

As much as Rs 50.69 per litre or 64% in petrol price is due to taxes—Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

In the case of diesel, over 63% of the retail selling price is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

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