Rupee trades in narrow range in early session against U.S. dollar
In the previous session, the rupee had settled almost flat at 73.93 against the U.S. dollar
The Indian rupee was trading in a narrow range in morning trade on January 13 as muted domestic equities and weak domestic macroeconomic data weighed on investor sentiments.
Forex traders said elevated crude oil prices also affected the appreciating bias in the local unit.
At the interbank foreign exchange, the rupee opened at 73.91 against the American dollar, then inched higher to 73.89, registering a rise of 4 paise from the last close. The local unit also touched 73.97 in early deals.
In the previous session, the rupee had settled almost flat at 73.93 against the U.S. dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% higher at 94.97.
On the domestic equity market front, the 30-share Sensex was trading 8.45 points or 0.01% lower at 61,141.59, while the broader NSE Nifty declined 5.70 points or 0.03% to 18,206.65.
On the domestic macroeconomic front, the Index of Industrial Production (IIP) remained muted for the third straight month in November 2021, while retail inflation rose to a six-month high of 5.59% in December.
Global oil benchmark Brent crude futures fell 0.20% to $84.50 per barrel.
Foreign institutional investors were net sellers in the capital market on Wednesday, as they offloaded shares worth ₹1,001.57 crore, as per stock exchange data.