The rupee is trading in a tight range against the US dollar in early trade

Business

Traders said gains in domestic stocks and fresh foreign fund inflows helped the rupee limit losses.

Traders said gains in domestic stocks and fresh foreign fund inflows helped the rupee limit losses.

The rupee saw range-bound trading in early trading on Friday as dollar strength in overseas markets and elevated crude oil prices erased support from positive domestic stocks.

On the interbank foreign exchange exchange, the rupee opened at 76.62 against the US dollar, trading in a tight range. In the early deals it hit an early high of 76.53 and a low of 76.63.

On Thursday, the rupee fell 4 paise to trade at 76.61 against the US currency.

Traders said gains in domestic stocks and fresh foreign fund inflows helped the rupee limit losses.

Meanwhile, futures on Brent crude, the global oil benchmark, rose 0.01% to $107.60 a barrel.

The Dollar Index, which measures the greenback’s strength against a basket of six currencies, fell 0.14% to 103.48 as signs of aggressive Federal Reserve tightening and geopolitical uncertainties pushed investors to the safety of the greenback.

On the domestic stock market front, the 30-piece Sensex traded 317.03 points, or 0.55%, higher to 57,838.09, while the broader NSE Nifty was up 75.20 points, or 0.44%, to 17,320.25.

Overseas institutional investors remained net buyers in the capital market on Thursday as they bought shares worth Rs 743.22 crore, according to stock market data.

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