Rupee trades in narrow range against U.S. dollar in early trade
The Hindu
Global oil benchmark Brent crude futures gained 0.12% to $97.28 per barrel
The rupee was trading in a narrow range against the United States dollar in opening trade on Thursday amid a rally in the equity markets.
At the interbank foreign exchange, the rupee witnessed range-bound trading in early deals. It opened at 79.22 against the U.S. dollar, then fell to 79.31, registering a decline of 6 paise over the last close.
It was moving in a tight range of 79.22-79.31 in the morning trade.
On Wednesday, the rupee rebounded by 38 paise to close at 79.25 against the U.S. currency.
The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.16 per cent to 105.36 after official data showed that U.S. inflation slowed down from a 40-year high in June to 8.5% in July on lower gasoline prices.
Meanwhile, global oil benchmark Brent crude futures gained 0.12% to $97.28 per barrel.
Forex traders said the rupee is likely to trade on a mixed note. Recovery in domestic markets from lower levels and FII inflows may support the local unit.
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