The 30-share Sensex was trading 594.25 points or 1.05 per cent higher at 57,452.04, while the broader NSE Nifty rose 182.85 points or 1.08 per cent to 17,112.45.
At the interbank forex market, the local unit opened at 79.76 against the greenback but later lost ground to touch the low mark of 80.00 against the American currency.
India is 85 per cent dependent on foreign oil to meet its needs for fuels, such as petrol, diesel and jet fuel.
Rupee nears 80 per Dollar: The rupee finally settled at the day's lowest level of 79.9975 to a dollar, down by 18 paise over the previous close of 79.81.
The European Central Bank has already hiked the interest rates in a bid to tame inflation and plans to continue doing so as the situation further deteriorates.
The rupee opened weaker against the dollar this Friday tracking the overnight strength of the greenback, said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Rupee Vs Dollar: Like other markets, the money market too works on the basis of demand and supply; thereby, if the demand for the dollar gets high, the rupee depreciates and that is the basic working methodology of the floating exchange rate.
At the interbank foreign exchange market, the rupee opened lower at 77.72 against the greenback and finally settled for the day at 77.72, down 10 paise over its previous close.
The value of the rupee depreciated mainly due to persistent foreign fund outflows and elevated global crude oil prices.
Imports during the month too jumped 36 percent to USD 55.45 billion, with inbound shipments of petroleum and crude oil surging 69 percent to USD 15. 28 billion.
Khan claimed that he was close to the decision-makers in 2001 when the then military ruler, Gen Pervez Musharraf, decided to become part of the 'war on terror'.
At the interbank foreign exchange, the rupee opened weak at 75.06 and lost further ground to quote 75.07 against the American dollar.
The Indian Rupee started on a weaker note this Monday against the greenback tracking the strength of the dollar.
Halting its three-day winning run, the rupee on Wednesday declined by 10 paise to close at 74.59 (provisional) against the US dollar.
The rupee appreciated by 7 paise to 73.73 against the US dollar in the opening session on Monday on sustained foreign fund inflows and positive domestic equities.
The rupee dived 32 paise to touch a near one-month low of 73.89 against the US dollar on Thursday, following massive sell-offs in equities and concerns over continuous surge in COVID-19 cases.
The rupee ended almost flat at 74.93 (provisional) against the US dollar on Friday due to a caution prevailing in the forex market in view of mounting coronavirus cases and US-China trade tensions.
The Indian rupee on Monday slid 20 paise to close at 75.01 to the US dollar, weighed down by lackluster equities and concerns over a continuous surge in COVID-19 cases in the country.
The rupee pared some of its early gains to settle marginally up by 3 paise at 74.99 against the US dollar on Thursday tracking weakness in the greenback and gains in the domestic equity market.
The Rupee skidded 9 paise to close at 75.02 against the US dollar on Wednesday amid rising crude oil prices and a firm greenback. While foreign fund inflows supported the rupee, factors like a strong dollar, volatile domestic equities and rising COVID-19 cases dragged the local unit down, forex traders said.
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