Rupee ends flat at 74.99 per dollar

Indian rupee ended flat at 74.99 per dollar, amid buying seen in the domestic equity market.

It opened 8 paise higher at 74.94 per dollar  against previous close of 75.02.

At 14:11 IST, the Sensex was up 357.05 points or 0.98% at 36686.06, and the Nifty was up 90.90 points or 0.85% at 10796.70.

"The USD/INR spot has been respecting the 75.05 resistance as traders are hopeful about additional government and central bank stimulus from major economies. However, until then in the absence of major economic data, the coronavirus and geopolitical fears will keep risk sentiments under check," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

"The US-China trade tiff is escalating with Trump considering to ban TikTok app as a retribution against China for coronavirus pandemic. If the immediate resistance of 75.05/75.10 breaks then we can see a rally towards 75.50, with crucial support being 74.50," he added.

Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in US gasoline demand was tempered by concerns about renewed lockdowns with COVID-19 infections surging in the United States.

The dollar nursed losses against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the US currency.