The rupee appreciated 10 paise to 74.59 against the U.S. dollar in opening trade on February 8, tracking the weakness of the American currency in the overseas market.
However, the surge in the rupee was restricted amid elevated crude oil prices and muted domestic equities.
At the interbank foreign exchange, the rupee opened at 74.65, then gained further ground to touch 74.59 against the American dollar, registering a rise of 10 paise from the last close.
In the previous session on Friday, the rupee had settled at 74.69 against the greenback.
The Forex market was closed on February 7.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.13% higher at 95.52.
On the domestic equity market front, the 30-share Sensex was trading 87.65 points or 0.15% lower at 57,533.54, while the broader NSE Nifty declined 30.70 points or 0.18% to 17,182.90.
Global oil benchmark Brent crude futures fell 0.37% to $92.35 per barrel.
Foreign institutional investors were net sellers in the capital market on Feb. 7, as they offloaded shares worth ₹1,157.23 crore, as per stock exchange data.