Rupee surges 25 paise to end at 75.28 against U.S. dollar

Brent crude futures, the global oil benchmark, rose 1.04% to $108.65 per barrel

The rupee continued its winning momentum on Tuesday, rising 25 paise to settle at 75.28 (provisional) against the United States dollar, as the American currency and crude oil prices retreated from recent high levels.

Forex traders said weakness in the U.S. dollar against its key rivals boosted investor sentiment, even as the domestic equities settled on a negative note.

At the interbank forex market, the domestic unit opened at 75.54 against the U.S. dollar and touched an intra-day high of 75.28 and finally closed at 75.28, registering a rise of 25 paise over its previous close.

On Monday, the rupee started the financial year 2022-23 on a bullish note, spurting 21 paise to close at a one month-high of 75.53.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09% down at 98.90.

"Persistent risk-on sentiments, weak dollar index and stronger regional (Asian) currencies have been supporting the local unit in northbound movement," said Dilip Parmar, Research Analyst, HDFC Securities.