Rupee settles 2 paise higher at 74.88 against US dollar

The rupee pared most of its intra-day gains to settle marginally higher by 2 paise at 74.88 (provisional) against the US dollar on Monday. At the interbank forex market, the domestic unit opened at 74.86 against the greenback and hit an intra-day high of 74.78 and low of 74.90.

It finally closed at 74.88, up 2 paise against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 93.08, lower by 0.01 percent.

On the domestic equity market front, the BSE benchmark Sensex was trading 79.84 points higher at 37,957.18, and the NSE Nifty advanced 41.30 points to 11,219.70.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 46.39 crore on Friday, according to exchange data.

Brent crude futures, the global oil benchmark, rose 0.42 percent to $44.99 per barrel.