The rupee surged 24 paise to close at 75.02 (provisional) against the U.S. dollar on Friday, extending its gains for the seventh straight day, as risk appetite improved amid easing fears of fallout from the Omicron coronavirus variant.
At the interbank forex market, the local unit opened at 75.12 against the greenback and witnessed an intra-day high of 75.00 and a low of 75.20.
On Thursday, the rupee climbed 28 paise to close at 75.26 against the U.S. dollar.
According to a new analysis by the UK Health Security Agency (UKHSA) released on Thursday, Omicron is less severe than the Delta variant.
The findings coincide with two other studies based on real-world COVID-19 UK data, which also report that the Omicron variant is less severe than the Delta variant, with fewer infected people requiring hospitalisation.
Forex traders said ahead of the holidays and extended long weekend in the United States, most major currency pairs are trading in narrow ranges.
Meanwhile, the dollar index, which measures the greenback's strength against the basket of six currencies, fell 0.06 % to 96.01.
Brent crude futures, the global oil benchmark, fell 1.16 % to $ 75.96 per barrel.
Foreign institutional investors remained net sellers in the capital market on Thursday, as they offloaded shares worth ₹ 271.59 crore, as per exchange data.
On the domestic equity market front, the BSE Sensex ended 190.97 points or 0.33 % lower at 57,124.31, while the broader NSE Nifty declined 68.85 points or 0.4 % to 17,003.75.
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