The Indian rupee opened flat and showed only a marginal recovery in early trade on Friday, gaining just 3 paise to 84.47 against the US dollar. This minor appreciation came after the rupee touched an all-time low level of 84.50 in the previous session. Despite the support from positive domestic equity trends, the rupee’s movement remained constrained, weighed down by ongoing geopolitical tensions and persistent foreign portfolio outflows.

The US dollar strengthened in the international markets, further dampening the rupee's performance. Moreover, Brent crude oil prices continued their upward trajectory, spurred by escalating concerns over the conflict between Ukraine and Russia, which added to the global market volatility. The dollar was also well-supported as foreign institutional investors (FIIs) continued their selling spree in the Indian equity market, which contributed to the increased demand for the greenback.