Rupee settles 64 paise lower at 75.73 against US dollar

Mumbai, May 4 () The Indian rupee depreciated by 64 paise to settle at 75.73 (provisional) against the US dollar on Monday tracking heavy selloff in domestic equities and a strengthening greenback overseas.

Traders said the weakness in the local unit was largely due to heavy correction in domestic equities and strengthening of the US dollar.

Moreover, rising coronavirus cases in the country also weighed on the local unit, they said.

The rupee opened weak at 75.70 at the interbank forex market and then lost further ground to finally end at 75.73, down 64 paise over its last close.

During the day the domestic unit saw an intra-day high of 75.65 and a low of 75.80.

It had settled at 75.09 against the US dollar on Thursday.

Forex market was closed on Friday on account of Maharashtra Day.

Domestic bourses were trading with significant losses with benchmark Sensex down 1,891.69 points at 31,825.93 and Nifty lower by 540.75 points at 9,319.15.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.27 per cent to 99.35. DRR BAL