Rupee settles 10 paise higher at 75.63 against US dollar

The Indian rupee surged 10 paise to close at 75.63 (provisional) against the US dollar on Tuesday, amid higher domestic equity markets and gains in some Asian currencies.

Forex traders said the rupee is trading in a narrow range as positive domestic equities supported the local unit, while sustained foreign fund outflows and concerns over coronavirus outbreak weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.62, and finally settled at 75.63, registering a rise of 10 paise over its previous close.

During the day the domestic unit saw an intra-day high of 75.50 and a low of 75.72 against the US dollar.

On Monday, the rupee had settled at 75.73 against the US dollar.

Domestic bourses were trading on a positive note with the benchmark Sensex trading 85.45 points higher at 31,800.80 and broader Nifty 15.30 points at 9,308.80.

"Other Asian currencies have also started with gains against the US Dollar this Tuesday morning amid risk appetite returned to the market as many countries planned to ease the restrictions on the lockdown enforced due to the COVID-19 pandemic," Reliance securities said in a research note.