Rupee settles 10 paise lower at 73.90 against US dollar

The rupee dropped by 10 paise to settle at 73.90 (provisional) against the US currency on Monday due to a stronger dollar in overseas markets.

At the interbank forex market, the domestic unit witnessed a volatile trading session. It opened at 73.79 and rose to an intra-day high of 73.70 and dropped to a low of 73.96. It finally closed at 73.90 a dollar, registering a decline of 10 paise over its previous close of 73.80. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.48 percent to 91.13.

The US dollar rose on Monday after hitting a two-and-a-half-year low last week as investors cut bets on riskier assets due to fresh concerns over Brexit and US-China trade relations.

On the domestic equity market front, the BSE Sensex ended 347.42 points or 0.77 percent higher at 45,426.97 while the broader NSE Nifty rose 97.20 points or 0.73 percent to 13,355.75. Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,969.59 crore on a net basis on Friday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 0.79 percent to USD 48.86 per barrel.

(IMAGE CREDITS: PTI)