In early trading, the Indian rupee climbs 9 paise to 79.81 against the US dollar

The decline in crude oil prices helped the rupee gain 9 paise to 79.81 against the US dollar in early trade on Monday.

The opening rate for the rupee at the interbank foreign exchange was 79.86 against the US dollar. The local currency experienced a high and a low in early trade versus the US dollar of 79.81 and 79.87 respectively.

The rupee's closing price versus the dollar in the previous session was 79.90. The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.10 percent to 106.62.

Benchmark Brent crude futures for world crude oil decreased 0.54 percent to USD 102.62 per barrel. Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, reports that the rupee opened higher as oil and the dollar index declined.

As the market waits for clues from the Federal Open Market Committee (FOMC) meeting on July 27, the euro has not been able to rise significantly. According to Bhansali, the rupee should move within a band of 79.60 to 79.90 for the day because there isn't much data available.

The 30-share Sensex was down 95.33 points, or 0.17 percent, at 55,976.90 points on the domestic equity front, while the larger NSE Nifty was down 31.80 points, or 0.19 percent, at 16,687.65 points. According to exchange data, foreign institutional investors were net purchasers on Friday in the capital market, buying shares worth Rs 675.45 crore.