The Indian rupee fell to 57 paise to close at 75.09 (provisional) against the US dollar on Thursday, amid higher domestic equity markets and a weak American currency in the overseas market.
Forex traders said a positive start of domestic stocks supported the local unit. Moreover, investor risk appetite is improving as India could relax restrictions in many areas from May 4.
This is the fourth consecutive day of gain for the rupee, during which it has appreciated by 137 paise.
At the interbank foreign exchange, the rupee opened at 75.17. During the session it touched an intra-day high of 74.94 and a low of 75.20.
The domestic unit finally settled at 75.09, registering a rise of 57 paise over its previous close.
On Wednesday, the local unit had settled at 75.66 against the US dollar.
Traders said fears surrounding COVID-19 faded to some extent after an antiviral drug showed promise in treating coronavirus patients.
Meanwhile, domestic stock exchanges were trading on a positive note with benchmark Sensex trading 830.25 points higher at 33,550.41, and the Nifty up by 248.80 points at 9,802.15.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent down at 99.50.
Brent crude futures rose 7.59 per cent to USD 24.25 per barrel.
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