The Rupee gained 3 Paise to 82.81 against the U.S. dollar in early trade, supported by foreign fund inflows and a positive trend in domestic equities on May 23.
Forex Traders said the Rupee is trading in a narrow range as the broad strength of the greenback is restricting the appreciating bias.
At the Interbank Foreign Exchange, the domestic unit opened at 82.82 against the Dollar and then rose to 82.81, registering a gain of 3 Paise over its previous close.
The Rupee closed at 82.84 against the U.S. currency on May 22.
The Rupee is likely to trade in the 82.65-82.95 range with sideways price action, IFA Global Research Academy said in a research note, adding that the Reserve Bank of India is likely to continue supporting the local unit.
Meanwhile, the U.S. Dollar Index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07% to 103.27.
Brent Crude Futures, the global oil benchmark, advanced 0.36 % to $76.26 per barrel.
In the domestic equity market, the 30-share BSE Sensex advanced 217.53 points or 0.35% to 62,181.21. The broader NSE Nifty fell 83.50 points or 0.46% to 18,397.90.
Also Read : FPI buying in Indian shares hits 6-month high in first half of May: NSDL
Foreign Institutional Investors (FIIs) were net buyers in the capital market on May 22 as they purchased shares worth ₹922.89 Cr. according to exchange data.