Indian rupee surges 17 paise to 76.03 against US dollar

The rupee on Monday appreciated 17 paise to close at 76.03 (provisional) against the US dollar in line with positive equity markets amid sustained foreign fund inflows. Besides, a weak US dollar against major global currencies also aided the rupee's upward movement, forex dealers said.

At the interbank foreign exchange market, the rupee opened strong at 76.16 and it further rushed to touch a high of 75.98 during the trade.

The domestic currency finally settled at 76.03 against the US dollar, registering a rise of 17 paise over its previous close of 76.20. On the equities front, the 30-share BSE benchmark Sensex was trading 442.58 points higher at 35,174.31 and broader Nifty rose 123.10 points to 10,367.50.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 1,237 crore in the previous trading session on Friday, according to provisional exchange data.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.31 percent to 97.31.

Brent crude futures, the global oil benchmark, rose 0.21 percent to USD 42.28 per barrel.