Rupee gains 7 paise to close at 74.45 against US dollar

The rupee strengthened by 7 paise to close at 74.45 (provisional) against the US dollar on Friday, as a firm trend in domestic equities boosted investor sentiments.

Besides, lower crude prices in the international market also supported the local unit, forex dealers said.

At the interbank forex market, the local unit opened at 74.36 against the greenback and later settled at 74.45, higher by 7 paise over its previous close of 74.52.

The local unit moved in a range of 74.36 to 74.54 in the day trade.

On the domestic equity market front, the BSE Sensex ended 767.00 points or 1.28 per cent higher at 60,686.69, while the broader NSE Nifty advanced 229.15 points or 1.28 per cent at 18,102.75.

Brent crude futures, the global oil benchmark, fell 1.10 per cent to USD 81.96 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.01 per cent at 95.18.

Foreign institutional investors were net sellers in the capital market on Thursday, as they offloaded shares worth Rs 1,637.46 crore, exchange data showed.