The Indian rupee opened on a flat note and inched 4 paise higher to 74.15 against the US dollar in early trade on Thursday amid cautious trade. Forex traders said price action remained subdued as investors awaited the Reserve Bank of India's (RBI) policy decision on Friday for further cues.

At the interbank foreign exchange, the domestic unit opened at 74.15 against the dollar, registering a gain of 4 paise over its previous close. The local currency also touched a low of 74.22 against the greenback in initial deals.