Rupee trades in narrow range in early trade against U.S. dollar

Forex traders said trading is likely to remain range-bound this week ahead of the year-end holidays

The Indian rupee was trading in a narrow range in morning trade on December 29 as muted domestic equities and firm crude oil prices weighed on investor sentiments.

At the interbank foreign exchange, the rupee started on a tepid note at 74.69 against the dollar. It traded in a narrow band of of 74.68 to 74.76 in initial deals.

On December 28, the rupee registered its ninth straight session of gain and surged 30 paise to close at a one-month high of 74.70 against the U.S. dollar.

On the domestic equity market front, the 30-share Sensex was trading 74.75 points or 0.13% higher at 57,972.23 while the broader NSE Nifty inched higher by 13.15 points or 0.08% to 17,246.40.

Forex traders said trading is likely to remain range-bound this week ahead of the year-end holidays.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.02% to 96.18.

Global oil benchmark Brent crude futures advanced by 0.20% to $79.10 per barrel.

Foreign institutional investors were net buyers in the capital market on December 28 as they purchased shares worth ₹207.31 crore, as per stock exchange data.

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