Rupee settles 7 paise higher at 73.38 against US dollar

The rupee strengthened 7 paise and closed at 73.38 (provisional) against the US dollar on Monday, even as the domestic equity market traded with significant losses.

At the interbank forex market, the domestic unit opened at 73.43 against the US dollar, and finally settled for the day at 73.38 against the greenback, registering a rise of 7 paise over its previous close.

On Friday, the rupee had settled at 73.45 against the US dollar.

During the session, the local unit witnessed an intra-day high of 73.26 and a low of 73.50 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.29 per cent to 93.19.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 629.81 points lower at 38,216.01, and the broader NSE Nifty fell 211.50 points to 11,293.45.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 205.15 crore on a net basis on Friday, according to exchange data.

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Brent crude futures, the global oil benchmark, fell 2.04 per cent to USD 42.27 per barrel.