Rupee trades in narrow range against US dollar in early trade

Traders said gains in domestic equities and fresh foreign fund inflows helped the rupee restrict losses.

The rupee witnessed a range-bound trading in early trade on Friday as the strength of the dollar in the overseas market and elevated crude oil prices offset the support of positive domestic equities.

At the interbank foreign exchange, the rupee opened at 76.62 against the American dollar and moved in a narrow range. It touched an early high of 76.53 and a low of 76.63 in initial deals.

On Thursday, the rupee declined by 4 paise to settle at 76.61 against the US currency.

Traders said gains in domestic equities and fresh foreign fund inflows helped the rupee restrict losses.

Meanwhile, global oil benchmark Brent crude futures rose 0.01% to USD 107.60 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.14% to 103.48 as the indication of an aggressive tightening by the US Fed and geopolitical uncertainties pushed investors to the safety of the greenback.

On the domestic equity market front, the 30-share Sensex was trading 317.03 points or 0.55% higher at 57,838.09, while the broader NSE Nifty advanced by 75.20 points, or 0.44%, to 17,320.25.