Business: Rupee remained stable at 83.53 against the US dollar

MUMBAI MUMBAI: The rupee was steady at 83.53 against the US currency in early trade on Friday amid firm crude oil prices and gains in domestic stocks. The rupee opened steady at 83.53 against the US dollar at the interbank foreign exchange market. The local unit moved in a narrow range of 83.50 to 83.54 in morning deals. At 0935 am, the rupee was trading steady at 83.53 against the US dollar. Forex dealers said the impact of firm crude oil prices was offset by an overnight decline in the US dollar index and early gains in domestic equity markets. The US dollar index declined on Thursday after soft US inflation data raised expectations of an interest rate cut by the US Fed by September. Meanwhile, the dollar index, which gauges the dollar’s strength against a basket of six currencies, was trading 0.05 per cent lower at 104.49. Global oil benchmark Brent crude futures were trading 0.20 per cent higher at $85.60 per barrel. The domestic equity market rallied in early session on Friday. The benchmark Sensex climbed 226.11 points to 80,123.45, while the Nifty advanced 82.1 points to 24,398.05. According to exchange data, foreign institutional investors (FIIs) were net sellers in the capital markets on Thursday and sold shares worth Rs 1,137.01 crore.