Rupee rises 14 paise in early trade as Dalal Street cheers; oil adds limited gains

The rupee opened stronger against the US dollar on Friday, gaining fourteen paise in early trade. Upbeat equity markets provided support for the domestic currency’s early gains. However, sustained foreign fund outflows and firm crude oil prices capped further appreciation. Geopolitical tensions in the Middle East kept investors cautious towards emerging market currencies. The rupee is expected to trade within a narrow range with a downside bias.