When formal sector workers withdraw their PF contributions, they also tap into their retirement savings since they are part of a single account. [Image: Shutterstock]

Indian rupee ended lower by 24 paise at 74.10 per dollar, amid buying saw in the domestic equity market.

It opened 38 paise lower at 74.24 per dollar against Friday's close of 73.86 and traded in the range of 74.08-74.28.

The Sensex ended 230.01 points or 0.44% higher at 52574.46, and the Nifty was up 63.10 points or 0.40% at 15746.50.

Despite the sharp up move seen in the Dollar index, the USDINR appreciated and moved back towards 74 levels. However, we believe the depreciation may continue in the short term and the USDINR pair should move higher towards 74.50 levels, said ICICI Direct.

The dollar-rupee June contract on the NSE was at Rs 74.01 in the last session. The open interest declined almost 3% for the June series, it added.

Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer.

The dollar held near multi-month peaks against other major currencies on Monday, after the U.S. Federal Reserve surprised markets last week by signalling it would raise interest rates and end emergency bond-buying sooner than expected.

Rupee ends lower at 74.10 per dollar

we believe the depreciation may continue in the short term and the USDINR pair should move higher towards 74.50 levels, said ICICI Direct.

When formal sector workers withdraw their PF contributions, they also tap into their retirement savings since they are part of a single account. [Image: Shutterstock]