Rupee opens on flat note against U.S. dollar in early trade

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.51 against the American currency

The rupee opened on a flat note against the U.S. dollar in early trade on May 14, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices.

Forex traders said the rupee remains under pressure due to ongoing elections as well as foreign fund outflows and the same shall subside once the results are out.

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.51 against the American currency, unchanged from its previous close.

On Monday, the rupee consolidated in a narrow range and settled flat at 83.51 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.26, higher by 0.04%.

Brent crude futures, the global oil benchmark, rose 0.13% to $83.47 per barrel.

"Overall, despite short-term pressures on the rupee, major global factors such as the Israel-Iran conflict and oil prices are stabilising. Consequently, with the Lok Sabha elections passing and internal factors aligning, the rupee is poised to strengthen based on its strong fundamentals," CR Forex Advisors MD Amit Pabari said.