Rupee pares initial gains, settles almost flat at 75.94 against US dollar

The rupee pared initial gains to settle almost flat at 75.94 (provisional) against the US dollar on Monday as weak domestic equities negated the impact of easing crude oil prices.

At the interbank foreign exchange market, the rupee opened at 75.94 against the American dollar and oscillated between a high of 75.79 and a low of 76.09 during the session.

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The rupee finally settled at 75.94 against the dollar, down 1 paise from the previous close.

On Friday, the rupee appreciated 10 paise to settle at 75.93 against the US dollar.

Meanwhile, the US dollar index, which measures the greenback's strength against the basket of six currencies, fell 0.09 per cent to 99.71.

Brent crude futures, the global oil benchmark, fell 2.37 percent to USD 100.34 per barrel.

On the domestic equity market front, the BSE Sensex ended 482.61 points or 0.81 percent lower at 58,964.57, while the broader NSE Nifty declined 109.40 points or 0.62 percent to 17,674.95.

Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 575.04 crore, as per stock exchange data.