The rupee depreciated by 6 paise to close at 73.02 (provisional) against the US dollar on Monday, tracking a rebound in the American currency overseas.
At the interbank forex market, the domestic unit opened at 72.89 against the US dollar and witnessed an intra-day high of 72.84 and a low of 73.15.
The local unit finally settled at 73.02, registering a fall of 6 paise over its previous close, even as the domestic equity market settled with significant gains on Budget day.
On Friday, the rupee had closed at 72.96 against the American currency.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.21 per cent to 90.78.
On the domestic equity market front, the BSE Sensex ended 2,314.84 points or 5 per cent higher at 48,600.61, while the broader NSE Nifty advanced 646.60 points or 4.74 per cent to 14,281.20.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 5,930.66 crore on Friday, according to exchange data.
Brent crude futures, the global oil benchmark, advanced 0.84 per cent to $55.50 per barrel.
The domestic currency is likely to strengthen 1.3 per cent and average 73.5 against the US dollar in the financial year 2022-23 compared with an average level of 74.4 in the financial year 2021-22.