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The rupee appreciated by 9 paise to close at a four-month high of 73.02 against the US dollar on Monday, supported by sustained foreign fund inflows and weakness of the American currency overseas.
Traders said approval to two COVID-19 vaccines in the country also improved sentiments.
India's drugs regulator on Sunday approved Oxford-AstraZeneca's COVID-19 vaccine Covishield, manufactured by the Serum Institute, and indigenously developed Covaxin of Bharat Biotech for restricted emergency use in the country, paving the way for a massive inoculation drive.
At the interbank forex market, the domestic unit opened at 72.93 against the US dollar and witnessed an intra-day high of 72.90 and a low of 73.03.
The local unit finally settled at 73.02, registering a rise of 9 paise over its previous close. This is the rupee's highest level since September 1, 2020, when it had closed at 72.87.
On Friday, the rupee had settled at 73.11 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.51 per cent to 89.47.
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