The Indian rupee erased its early losses against the U.S. dollar in the morning session on Monday, as regional shares rose, tracking positive cues from global markets.

The benchmark S&P BSE Sensex climbed 351 points, or 0.92 percent, to 38,391, while the broader NSE Nifty index was up 113.05 points, or 1.01 percent, at 11,327.

The Indian rupee appreciated to 74.74 against the greenback from near a 4-week low of 75.20 seen in early deals. At yesterday's close, the pair was worth 74.88. The rupee is likely to challenge resistance around the 72.00 level, if it rises again.

US Dollar vs INR (FX:USDINR)
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