In early trade on Friday, the rupee was unchanged at 83.53 versus the US dollar, boosted by higher crude oil prices and advances in local markets. On the interbank foreign currency market, the rupee started unchanged at 83.53 per US dollar. In early trading, the local currency fluctuated between 83.50 and 83.54.
As of 9:35 a.m., the rupee was trading unchanged at 83.53 vs the US dollar. Forex traders said that the impact of high crude oil prices was mitigated by overnight losses in the US dollar index and early advances in domestic equities markets.
The US dollar index fell on Thursday as lower US inflation statistics boosted the prospect of a rate cut by the US Fed in September. Meanwhile, the dollar index, which measures the greenback's strength against a basket of six currencies, was down 0.05 percent at 104.49.
Brent crude futures, the global oil benchmark, were trading 0.20% higher at $85.60 a barrel. Domestic equities markets were trading higher in the early hours of Friday. The benchmark Sensex rose 226.11 points to 80,123.45, while the wider Nifty advanced 82.1 points to 24,398.05.
