The rupee appreciated 6 paise to 83.27 against the US dollar in early trade on Monday amid a positive trend in domestic equities and foreign fund inflows.
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At the interbank foreign exchange, the rupee opened at 83.28 against the dollar and then touched a low of 83.30, and a high of 83.27 against the greenback.
On Friday, the rupee settled at 83.33 against the dollar.
Indian rupee is expected to trade within a small range with a bit of appreciation bias as flows, IPOs, FDIs to continue after a spectacular win for the Prime Minister Narendra Modi in Hindi heartland. However, buying of US dollar to continue due to various reasons, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
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Markets now await for RBI Monetary policy on December 8 and non-farm payroll data from the US on the same day in the evening, Bhansali said.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent lower at 103.21.
Brent crude futures, the global oil benchmark, fell 0.53 per cent to USD 78.46 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 939.06 points or 1.39 per cent higher at 68,420.25 points. The broader NSE Nifty jumped 296.35 points or 1.46 per cent to 20,564.25 points.
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Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,589.61 crore, according to exchange data.
