In the previous session, the rupee had stabilized at around 73.93 against the US dollar
The Indian rupee was trading in a narrow range in morning trade on January 13 as sluggishness in the domestic equity market and weak domestic macroeconomic data weighed on investor sentiments.
Forex traders said higher crude oil prices also influenced the appreciation bias in the local unit.
At the interbank foreign exchange, the rupee opened at 73.91 against the US dollar, then climbed to 73.89, registering a rise of 4 paise from the previous close. The local unit also touched 73.97 in opening deals.
In the previous session, the rupee had closed almost flat at 73.93 against the US dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06% higher at 94.97.
On the domestic equity market front, the 30-share Sensex was trading 8.45 points or 0.01% lower at 61,141.59, while the broader NSE Nifty fell 5.70 points or 0.03% to end at 18,206.65.
On the domestic macroeconomic front, the Index of Industrial Production (IIP) remained muted for the third consecutive month in November 2021, while retail inflation hit a six-month high of 5.59% in December.
Global oil benchmark Brent crude futures fell 0.20% to $84.50 a barrel.
Foreign institutional investors were net sellers in the capital markets on Wednesday as they sold shares worth Rs 1,001.57 crore, according to stock exchange data.
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