Rupee trades flat at ₹83.53 against US dollar in early trade

The rupee traded flat at ₹83.53 against the US currency in early trade on Friday amid firm crude oil prices and gains in domestic stocks.

At the interbank foreign exchange market, the rupee opened flat at ₹83.53 against the US dollar. The local unit moved in a tight range of ₹83.50 to ₹83.54 in morning deals.

The rupee was trading flat at ₹83.53 against the US dollar at 9:35 AM.

Forex dealers said the impact of firm crude oil prices was offset by overnight losses in the US dollar index and early gains in the domestic equity markets.

The US dollar index eased on Thursday after softer US inflation data raised hopes of rate cut by the US Fed by September.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05% lower at 104.49.

Brent crude futures, the global oil benchmark, were trading 0.20% higher at USD 85.60 per barrel.

Domestic equity markets were trading higher in the early session on Friday. Benchmark Sensex climbed 226.11 points to 80,123.45 while broader Nifty was up 82.1 points to 24,398.05.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth ₹1,137.01 crore, according to exchange data.