The Indian rupee rose seven paise to 74.35 against the US dollar (20.25 versus the UAE dirham) in early trade on Tuesday, tracking positive domestic equities.
Forex traders said the rupee is trading in a narrow range as investors are awaiting cues from the US Federal Reserve’s policy decision due on Wednesday.
The rupee opened at 74.36 against the dollar in the interbank market and then inched higher to 74.35, registering a gain of seven paise over its previous close.
The dollar index was trading 0.05 per cent down at 92.60.
Asian currencies have started marginally stronger against the greenback this Tuesday morning and could lend support, Reliance Securities said in a research note.
On the equity front, BSE Sensex was trading 119.08 points or 0.23 per cent higher at 52,971.35, while the broader NSE Nifty advanced 49.95 points or 0.32 per cent to 15,874.40.
(with inputs from PTI)
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