Rupee settles 25 paise higher at 75.66 against US dollar

The rupee appreciated 25 paise to settle at 75.66 (provisional) against the US dollar on Tuesday as reports of initial success in COVID-19 vaccine trial boosted investor sentiment world over.

Forex traders said besides the encouraging results in COVID-19 vaccine trial, higher opening of domestic equities and a weak greenback in overseas market supported the local unit.

At the interbank foreign exchange, the rupee opened at 75.71, then gained further ground to finally settle at 75.66 against the American currency, registering a rise of 25 paise over its previous close.

On Monday, the rupee had settled at 75.91 against the US dollar.

During the trading session, the domestic unit saw an intra-day high of 75.63 and a low of 75.79 against the greenback.

In a significant development towards developing a vaccine for the coronavirus, an American biotechnology company on Monday said its initial vaccine tests in people have shown promising results and can stimulate an immune response against the virus.

Globally, over 48.05 lakh people have been infected by the virus and over 3.18 lakh have died.

In India, the death toll due to COVID-19 rose to 3,163 and the number of cases climbed to over 1.01 lakh, according to the health ministry.

Meanwhile, domestic bourses were trading on a positive note on Tuesday with the benchmark Sensex surging 188.63 points to 30,217.61 and broader Nifty up 66.25 points at 8,889.50.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.16 per cent down at 99.50.