<p>The rupee traded in a narrow range and appreciated 2 paise to 83.49 against the US dollar in early trade on Thursday, as a positive trend in domestic equities supported the local unit, while elevated crude oil prices weighed on investor sentiments.</p><p>At the interbank foreign exchange market, the local unit opened at 83.49, registering a rise of 2 paise from its previous close.</p><p>On Wednesday, the rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar.</p><p>"Persistent demand for the dollar from local importers has capped the rupee's potential gains, yet its outlook remains optimistic, buoyed by recent positive economic indicators," CR Forex Advisors MD-Amit Pabari said.</p>.Sensex tanks over 400 points on widespread profit booking.<p>Pabari further said the rupee's outlook is supported by strong foreign inflows, a positive economic forecast, and India's impressive macroeconomic growth, currently the fastest among large economies.</p><p>The Reserve Bank of India (RBI) appears determined to prevent the rupee from depreciating below 83.70, despite pressure from oil companies due to elevated oil prices, he added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.93, lower by 0.11 per cent.</p><p>Brent crude futures, the global oil benchmark, advanced 0.76 per cent to USD 85.73 per barrel.</p><p>On the domestic equity market front, the 30-share BSE Sensex rose 105.32 points, or 0.13 per cent, to 80,030.09 points. The broader NSE Nifty advanced 21.60 points, or 0.09 per cent, to 24,346.05 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 583.96 crore, according to exchange data.</p>
<p>The rupee traded in a narrow range and appreciated 2 paise to 83.49 against the US dollar in early trade on Thursday, as a positive trend in domestic equities supported the local unit, while elevated crude oil prices weighed on investor sentiments.</p><p>At the interbank foreign exchange market, the local unit opened at 83.49, registering a rise of 2 paise from its previous close.</p><p>On Wednesday, the rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar.</p><p>"Persistent demand for the dollar from local importers has capped the rupee's potential gains, yet its outlook remains optimistic, buoyed by recent positive economic indicators," CR Forex Advisors MD-Amit Pabari said.</p>.Sensex tanks over 400 points on widespread profit booking.<p>Pabari further said the rupee's outlook is supported by strong foreign inflows, a positive economic forecast, and India's impressive macroeconomic growth, currently the fastest among large economies.</p><p>The Reserve Bank of India (RBI) appears determined to prevent the rupee from depreciating below 83.70, despite pressure from oil companies due to elevated oil prices, he added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.93, lower by 0.11 per cent.</p><p>Brent crude futures, the global oil benchmark, advanced 0.76 per cent to USD 85.73 per barrel.</p><p>On the domestic equity market front, the 30-share BSE Sensex rose 105.32 points, or 0.13 per cent, to 80,030.09 points. The broader NSE Nifty advanced 21.60 points, or 0.09 per cent, to 24,346.05 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday, as they purchased shares worth Rs 583.96 crore, according to exchange data.</p>