MUMBAI: The Indian rupee appreciated by 26 paise to 70.88 against the US dollar in early trade on Friday.
At the interbank foreign exchange, the rupee opened at 70.94, then gained further ground and touched a high of 70.88, registering a rise of 26 paise over its previous close.
However, the domestic unit could not hold on to the gains and was trading at 70.99 against the dollar at 1001 hrs.
On Thursday, the rupee had settled for the day at 71.14 against the US dollar.
Brent crude futures, the global oil benchmark, eased 0.28 per cent to trade at USD 60.21 per barrel.
Meanwhile, domestic bourses opened on a cautious note on Friday with benchmark indices Sensex trading 19.29 points lower at 37,084.99 and Nifty down 1.50 points at 10,981.30.
According to provisional exchange data, Foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 783.55 crore on Thursday.
The 10-year government bond yield was at 6.66 per cent on Friday.