The rupee appreciated 5 paise to settle at 88.74 against the US dollar on Monday, mainly supported by a firm trend in domestic equities amid a rise in global crude prices.
However, a strengthening greenback in the overseas market and unabated foreign capital outflows pressurised the domestic unit and restricted the gains, forex traders said.
At the interbank foreign exchange, the rupee opened at 88.75 against the US dollar, and moved in a tight range of 88.83 and 88.74 before settling at 88.74, a rise of 5 paise over its previous close.
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