Rupee closes 7 paise higher at 75.58 against US$ on easing crude prices

The rupee settled 7 paise higher at 75.58 against the US dollar on Monday supported by weak American currency and easing crude prices even as the equity market was trading in the negative territory.

The rupee settled 7 paise higher at 75.58 (provisional) against the US dollar on Monday supported by weak American currency and easing crude prices even as the equity market was trading in the negative territory.

Forex traders said weak domestic equities, foreign fund outflows and rising COVID-19 cases weighed on investor sentiments. However, weak American dollar supported the local unit and restricted the decline.

The rupee opened on a flat note at the interbank forex market at 75.64 against the US dollar, then gained ground and finally settled for the day at 75.58 against the US dollar, up 7 paise over its last close.

It had settled at 75.65 against the US dollar on Friday.

During the four-hour trading session the domestic unit touched an intra-day high of 75.52 and a low of 75.64 against the US dollar.

Meanwhile, the number of cases around the world linked to the disease has crossed 1.01 crore and the death toll has topped 5.01 lakh.

In India, the death toll due to COVID-19 rose to 16,475 and the number of infections rose to 5,48,318, according to the health ministry.

On the equities front, the 30-share BSE benchmark Sensex was quoting 345.82 points lower at 34,825.45 and the broader Nifty fell 109.90 points to 10,273.10.

Foreign institutional investors were net sellers in the capital market, as they sold equity shares worth Rs 753.18 crore on Friday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 2.15 per cent to USD 40.14 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.09 per cent to 97.34.