Rupee rises 4 paise against US dollar in late afternoon deals

The rupee surrendered most of its early gains to trade just 4 paise higher at 74.04 against the US dollar in late afternoon trade on Monday.

At the interbank foreign exchange (forex), the domestic currency opened sharply higher at 73.95 a dollar and gained further strength to touch a high of 73.83.

It, however, could not hold on to the gains and fell to 74.04 against the greenback in late afternoon deals.

In the previous session, the rupee had gained 28 paise to end at 74.08 against the US dollar.