Rupee ends higher at 74.76 per dollar

Indian rupee ended higher at 74.76 per dollar, amid buying seen in the domestic equity market.

It opened 11 paise higher at 74.78 per dollar against previous close of 74.89 and traded in the range of 74.73-74.88.

At 14:16 IST, the Sensex was up 463.29 points or 1.22% at 38514.07, and the Nifty was up 138.10 points or 1.23% at 11385.20.

Oil prices edged lower on Tuesday, mostly holding onto overnight gains after OPEC+ said the producer grouping is almost fully complying with output cuts to support prices amid a drop in demand for fuels due to the coronavirus pandemic.

The dollar teetered near milestone lows on Tuesday, after a triple blow of retreating yields, soft U.S. economic data and a dip in safe-haven demand exerted broad selling pressure.

Uncertainty ahead of the release of US Federal Reserve’s last policy meeting minutes along with delay in a review of the US-China trade deal is likely to keep pressure on the dollar, said ICICIdirect.

The dollar-rupee August contract on the NSE was at Rs 74.94 in the last session. The open interest in August series increased 0.29% while it also increased 0.32% in the next series, it added.