Rupee Edges Higher To 74.80 Against Dollar

The rupee gained by as much as 10 paise to touch the 74.80 mark against the US dollar on Monday. It moved in a range of seven paise, between 74.80 and 74.87, against the greenback, having started the four-hour session stronger at 74.87 compared to its previous close. Analysts say weakness in the dollar overseas and gains in domestic equity markets supported the rupee. On Friday, the rupee had ended mildly lower at 74.90 against the US currency.

Domestic stock markets climbed up amid buying across most sectors on Monday. The S&P BSE Sensex index rose as much as 0.64 per cent to touch 38,119.38 in morning deals, and the broader NSE Nifty 50 benchmark climbed to as high as 11,248.90, up 0.63 per cent from its previous close.

Crude oil prices rose on Monday as China's plans to ship in large volumes of US crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.

Brent crude futures - the global benchmark for crude oil - was last seen trading 0.67 per cent higher at $45.10 per barrel.

The dollar index - which gauges the greenback against six other currencies - was last seen trading 0.10 per cent lower, having declined as much as 0.17 per cent earlier on Monday.

Most Asian currencies edged higher against the US dollar. The Japanese yen was last seen trading 0.02 per cent higher, while the Singaporean dollar, the Chinese yuan and the Taiwanese dollar were up 0.07 per cent, 0.16 per cent and 0.09 per cent respectively.

 At Friday's closing level of 74.90, the rupee has recovered 2.61 per cent against the US currency since an all-time low of 76.91 registered in April, but is still down 4.96 per cent so far this year.

The forex market currently operates from 10 am to 2 pm on account of the coronavirus pandemic.