The Rupee appreciated by 6 paise to 68.83 against the U.S. Dollar in opening trade on July 4, tracking positive opening in domestic equities and easing crude oil prices.
Forex traders said Rupee is trading in a narrow range as market participants are awaiting cues from the Economic Survey scheduled to be tabled in Parliament on July 4.
The Rupee opened strong at 68.86 at the interbank Forex market then gained further to touch 68.83 per Dollar, displaying gains of 6 paise over the previous closing.
On July 3, the Rupee had settled at 68.89 against the U.S. Dollar.
Ahead of the Union Budget on July 5, an economic survey projecting the state of health of the country’s economy and outlining the challenges will be tabled in Parliament on July 4.
Moreover, easing crude oil prices, positive opening in domestic equities supported the Rupee.
The benchmark BSE Sensex was trading 84.86 points, or 0.21% up to quote at 39,924.11 while the NSE Nifty was trading at 11,945.70, higher by 28.95 points, or 0.24%.
Brent crude, the global benchmark, was trading at 63.38 per barrel lower by 0.69%.
Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹390.18 crore on July 3, as per provisional data.