Rupee gains 14 paise early Friday but crude, outflows limit upside

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The Indian rupee opened 14 paise higher against the US dollar in early trade on Friday. Positive momentum in domestic equity markets lent support to the currency. However, persistent foreign fund outflows and elevated crude oil prices restricted further gains. Ongoing geopolitical tensions in the Middle East kept investors cautious about emerging market currencies. Analysts expect the rupee to trade in a narrow range with a downward bias in the near term.

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