Mumbai, Feb 21 : Rupee on Monday gained 16 paise to close positive at 74.50 against the US Dollar on selling of US Dollar by bankers and exporters, dealers at the Foreign Exchange said. In early trade, the domestic unit surged 23 paise to 74.43, but later it slightly declined from the opening level and closed at 74.50, still 16 paise up as compared to its last close. The local unit surged due to a weak dollar against other world currencies amid negative equity market. The Rupee unit registered the days high and low at 74,.40 and 74.54 respectively against the US Dollar, dealers added. (UNI)