The Indian rupee traded in a narrow range in early trade on Monday as higher crude prices offset positive domestic equities.
In interbank forex trades, the rupee opened lower at 74.18 against the dollar before inching up to 74.16, down 1 paise from its last close.
On Friday, the rupee lost 25 paise to 74.15 against the dollar. The U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was flat at 95.16.
The Indian rupee opened weaker against the U.S. dollar as the U.S. dollar strengthened and bond yields strengthened, Reliance Securities said in a research note.
In addition, strength in crude oil and a weak start to its Asian and emerging market peers could also weigh on local stocks this Monday.
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