MUMBAI: The rupee appreciated by 6 paise to 68.83 against the US dollar in opening trade on Thursday, 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 Thursday.
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 Wednesday, the rupee had settled at 68.89 against the US dollar.
Ahead of the Union Budget on Friday, an economic survey projecting the state of health of the country's economy and outlining the challenges will be tabled in Parliament on Thursday.
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 per cent 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 per cent.
Brent crude, the global benchmark, was trading at 63.38 per barrel lower by 0.69 per cent. Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 390.18 crore on Wednesday, as per provisional data.