Rupee ends marginally higher at 75.54 per dollar

Indian rupee ended marginally higher at 75.54 on June 8 amid volatile trade seen in the domestic equity market.

It opened flat at 75.59 per dollar against Friday's close of 75.58.

At 14:38 IST, the Sensex was up 97.52 points or 0.28% at 34384.76, and the Nifty was up 30.20 points or 0.30% at 10172.40.

The dollar-rupee contract on the NSE was at 75.80 in the last session. The open interest declined almost 4.5% in the June series while it increased almost 14% in the July series, said ICICIdirect.

The U.S. dollar fell against the Antipodean currencies and the British pound after surprising improvement in U.S. labour market data bolstered expectations for economic recovery, which reduced safe-harbour demand for the greenback.

"The USD/INR spot has been trading in a very tight range 75-75.65 as investors await catalyst to move forward and take positions. The expectations of more stimulus from US government was driving the optimism in the market however, Trump administration postponed the meeting to next week crashing investors expectations," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

"Currently, the spot is in indecisive market and going forward the focus will be on Jio-Mubadala deal related dollar flows, US-China trade spat and whether there is a second wave of infection."

"Technically, 75 is a crucial support and break off which can take spot towards 74.50 or bounce from there can take prices towards 76.50," he added.

Oil prices rose more than 2% early on Monday to their highest in three months after OPEC and its allies including Russia agreed to extend record oil production cuts until the end of July.