Indian rupee settles nearly flat at 74.93 against US dollar

The rupee ended almost flat at 74.93 (provisional) against the US dollar on Friday due to a caution prevailing in the forex market in view of mounting coronavirus cases and US-China trade tensions.

Starting off on a tepid note, the rupee fell to a low of 75.04, but recovered slightly thereafter and moved in a narrow band throughout the session. It finally settled at 74.93, gaining 1 paisa over its previous close.

On Thursday too, the rupee had closed steady after the Reserve Bank maintained a status quo in its policy rates.

Meanwhile, the US dollar index, which gauges the value of the greenback against a basket of key global currencies, rose 0.32 percent to 93.08.

Analysts said forex market sentiment was mainly guided by growing US-China trade tensions and mounting coronavirus cases in the country.

The number of COVID-19 cases in India has crossed 20 lakh-mark and the death toll climbed past 41,000, official data showed.

In fresh concerns for global trade outlook, the US is considering a proposal to crackdown on Chinese companies that are listed on American bourses and do not follow US audit requirements, according to a report.

Foreign investors infused Rs 637.43 crore on a net basis into Indian equities on Thursday, exchange data showed.

Global crude oil benchmark Brent was trading lower by 0.42 percent at USD 44.90 a barrel.

On the domestic equities front, the BSE Sensex was down 41.56 points or 0.11 percent at 37,983.89; while the NSE Nifty traded 2.95 points or 0.26 percent lower at 11,197.20.