Rupee moves in narrow range against US dollar in early trade

The rupee traded in a narrow range in the morning session on Monday as positive sentiment on domestic equities rose and the price of crude oil fell in part due to the strength of the greenback in overseas markets.

In interbank foreign exchange, the rupee opened at 82.08 against the dollar. It touched an early high of 82.05 in initial trades.

the The rupee settled on Friday At a price of 82.06 against the US dollar.

Meanwhile, the dollar index was trading at 101.80, down 0.02 percent.

Brent crude futures fell 0.92 percent to $80.91 a barrel.

On the Local stock market interfaceBSE Sensex rose 86.9 points, or 0.15 percent, to 59,741.96 points, while NSE Nifty rose 28.95 points, or 0.16 percent, to 17,653 points.

Forex dealers said that large inflows of foreign funds abroad also affected investor sentiment and weighed on the local unit.

Foreign institutional investors were net sellers in the capital market on Friday unloading shares worth Rs 2,116.76 crore, according to exchange data.

“Overall, widening trade deficit, lower forward premiums, and expectation of further hikes by the US Federal Reserve will keep the rupee momentum on the downside,” said Amit Babari CR Forex Advisors MD Amit Babari.

while, India’s foreign exchange reserves increased by $1.657 billion to $586.412 billion on April 14marking the second consecutive week of increase, according to data from the Reserve Bank of India released on Friday.