Rising for the fifth straight day, the rupee extended gains by 11 paise to close at a one-month high of 74.55 against the US dollar on Monday on the back of a weak dollar and softer crude oil prices amid hopes of a diplomatic solution to the Russia-Ukraine crisis.
The local unit opened strong at 74.51 to a dollar and later spurted to the day’s high of 74.35 as crude oil traded below USD 95 per barrel.
The rupee later gave up some of the gains due to losses in the domestic equity markets and forex outflows, before finally finishing at 74.55, showing a gain of 11 paise over the previous close.
The local currency had closed at 74.66 against the greenback on Friday.
