Mumbai, July 9: The rupee pared some of its initial gains and settled three paise higher at 74.99 against the US dollar on Thursday, tracking weakness in the greenback and gains in the domestic equity market.
The India currency opened at 74.94 against the US dollar, but lost ground and settled for the day at 74.99, up three paise over its previous close. It had settled at 75.02 against the greenback a day before.
The rupee touched an intra-day high of 74.91 and a low of 75.07 against the US dollar in a volatile trading session.
Forex traders said that positive domestic equities and weak US currency supported the local unit, while foreign fund outflows and concerns over rising COVID-19 cases weighed on investor sentiment.
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The number of COVID-19 cases across the world has crossed 1.20 crore and the death toll has topped 5.49 lakh. In India, the death toll due to the disease rose to 21,129, and the number of infections spiked to 7,67,296, according to the health ministry.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 96.40.
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