Indian Rupee settles 18 paise lower at 75.08 against US dollar

The rupee ended 18 paise lower at 75.08 (provisional) against the US currency on Monday due to a spike in crude oil prices and a stronger greenback against key rivals overseas.

At the interbank forex market, the local unit opened on a weak note at 74.98 and witnessed an intra-day high of 74.97 and a low of 75.10 against the American currency during day trade.

The local unit finally ended at 75.08, down 18 paise over its previous close. On Friday, the rupee had settled at 74.90 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent higher at 93.76.

Brent crude futures, the global oil benchmark, rose 0.56 per cent to USD 86.01 per barrel.

On the domestic equity market front, the BSE Sensex surged 145.43 points or 0.24 per cent to end at 60,967.05 while the broader NSE Nifty advanced 10.50 points or 0.06 per cent to settle at 18,125.40.

Meanwhile, foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 2,697.70 crore, exchange data showed.