Rupee moves in narrow range against US dollar in early trade

The rupee traded in a narrow range against the US dollar in the morning session on Tuesday, as support from positive local stocks and weaker US currency was negated by higher crude oil prices.

Forex traders said market participants remain cautious ahead of retail sales data from the US and inflation data from the UK this week.

In the interbank foreign exchange market, the local unit opened at 82.01, then retreated to 82.06, recording a decrease of 3 pounds from its last close.

In early trading, the rupee also touched a high of 81.97 against the US currency.

Monday , The rupee settled at 82.03 against the dollar.

Traders said domestic equity metrics at all-time highs and a weaker US currency abroad boosted investor sentiment and curbed downward bias.

The dollar index fell 0.09 percent to 99.74.

Brent crude futures, the global oil benchmark, rose 0.31 percent to $78.74 a barrel.

In the local stock marketBSE Sensex rose 177.22 points, or 0.27 percent, to 66,767.15. And NSE Nifty shares fell by 48.40 points, or 0.25 percent, to 19,759.85 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Monday buying shares worth Rs 73 crore, according to exchange data.