Rupee moves in narrow range against U.S. dollar in early trade

Rupee trades narrow vs US$; cautious ahead of US, UK data; domestic equities, weak US$ support; Brent crude rises 0.31%; FIIs net buyers, purchase ₹73cr.

The rupee was trading in a narrow range against the U.S. dollar in the morning session on July 18, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices.

Market participants remain cautious ahead of retail sales data from the U.S. and the U.K.'s inflation data this week, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.01, then slipped to 82.06, registering a decline of 3 paise over its last close.

In early trade the rupee also touched a high of 81.97 against the American currency.

On Monday, the rupee had settled at 82.03 against the dollar.

Traders said domestic equity benchmarks scaling all-time high levels and weakness in the American currency overseas boosted investor sentiments and restricted the depreciating bias.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.09% to 99.74.