The rupee appreciated 38 paise to settle at 74.66 against the US dollar on Friday tracking weakness in the greenback and gains in the domestic equity market amid optimism over potential Covid-19 vaccine.
Forex traders said investors were bullish on emerging market assets following encouraging vaccine test results. Moreover, positive domestic equities, steady crude oil prices and weak US currency supported the local unit.
The rupee opened at 74.60, and settled for the day at 74.66 against the US dollar, registering a jump of 38 paise over its previous close.
It had settled at 75.04 against the greenback on Thursday.
During the four-hour trading session, the rupee witnessed an intra-day high of 74.60 and a low of 75.02.