Rupee settles 14 paise lower at 76.53 against US dollar

The Indian rupee declined by 14 paise to settle at 76.53 (provisional) against the US dollar on Monday, amid strengthening of the American currency overseas and a sharp rise in coronavirus cases in the country.

Forex traders said a firm US dollar weighed on the local unit. Besides, investor sentiment remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.

At the interbank foreign exchange, the rupee opened strong at 76.43, but soon lost ground and finally settled at 76.53, registering a fall of 14 paise over its previous close.

During the session, the rupee witnessed high volatility and touched a high of 76.43 and a low of 76.68 against the US dollar.

On Friday, the rupee had settled at 76.39 against the greenback.

Domestic bourses were trading on a positive note on Monday with benchmark indices Sensex trading 126.92 points higher at 31,715.64 and Nifty up by 25.20 points at 9,291.95.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.15 per cent to 99.93.

The number of cases around the world linked to the new coronavirus has crossed over 24 lakh. In India, more than 17,200 coronavirus cases have been reported so far.