The Indian rupee.
Credit: Pixabay Image
The rupee recovered from its all-time low levels and appreciated by 10 paise to 83.13 against the US dollar in early trade on Friday, tracking a positive trend in domestic equities.
Forex traders said the rupee is trading in a narrow range as firm crude oil prices and the strength of the American currency in the overseas market dented investor sentiments, while positive domestic equities cushioned the downside.
At the interbank foreign exchange, the domestic unit opened at 83.13, registering a rise of 10 paise over its last close.
On Thursday, the rupee depreciated 10 paise to its lifetime low of 83.23 against the US dollar.
Forex traders expect the rupee to trade with a negative bias on a strong dollar and elevated crude oil prices. Disappointing European data may further support the dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell marginally by 0.15 per cent to 104.89.
Brent crude futures, the global oil benchmark, fell 0.61 per cent to $89.37 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 168.59 points or 0.25 per cent higher at 66,434.15. The broader NSE Nifty advanced 41.80 points or 0.21 per cent to 19,768.85.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 758.55 crore, according to exchange data.