Rupee up 13 paise against US dollar in early trade

The rupee opened 6 paise higher at 71.27 against the US dollar on Thursday. Minutes later, the currency recovered further to 71.20. 

In the previous session, the domestic unit snapped its three-day losing streak and settled 11 paise higher at 71.33 on increased selling of the American currency by exporters and banks. 

Rupee continued to consolidate in a narrow range on Wednesday and volatility for the USD/INR pair has been low despite instability in global crude oil prices and the dollar against its major crosses, said Gaurang Somaiya

Research Analyst (Currency) at Motilal Oswal Financial Services (MOFSL).

Gains for the rupee