Rupee surges by 19 paise to 75.97 against US dollar

Continuing its winning streak for a fourth straight session, the rupee on Tuesday appreciated by 19 paise to 75.97 against the US dollar as risk appetite improved in view of broader weakness in the greenback and a firm trend in domestic equities.

However, persistent foreign fund outflows restricted gains in the domestic unit, forex traders said.

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At the interbank forex market, the local unit opened higher at 75.97 but lost some of the gains to touch the day's low of 76.15. It witnessed an intra-day high of 75.90.

The rupee quoted at 75.97 at 1600 hrs, registering a rise of 19 paise over its previous close. In the previous session, the rupee had settled at 76.16 against the US dollar.

Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, fell sharply by 0.34 per cent to 98.71.

Brent crude futures, the global oil benchmark, rose 0.60 per cent to USD 113.15 per barrel.

On the domestic equity market front, the BSE Sensex ended 350 points or 0.61 per cent higher at 57,943.65, while the broader NSE Nifty advanced 103.30 points or 0.60 per cent to 17,325.30.

Foreign institutional investors remained net sellers in the capital market on Monday as they sold shares worth Rs 801.41 crore, according to stock exchange data.

According to the latest public debt management report, the government's total liabilities rose to Rs 128.41 lakh crore in the December quarter from Rs 125.71 lakh crore in the three months ended September 2021.
The increase reflects a quarter-on-quarter increase of 2.15 per cent in October-December 2021-22.

The report released by the finance ministry on Monday said public debt accounted for 91.60 per cent of the total outstanding liabilities in the December quarter compared to 91.15 per cent at the end of September.