The rupee opened higher at 79.89 against the US dollar on Friday as easing dollar supported the domestic currency. Rising oil prices, however, capped the losses.

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Global oil prices edged higher on Friday as tight supply and geopolitical tensions took the centre stage. Brent futures fell as much as 2.8 percent to $106.8 a barrel. West Texas Intermediate (WTI) futures followed suit and was 1.6 percent up at $97.9 a barrel.

The European Central Bank (ECB) had, on Thursday, raised rates more than expected looking to curb inflation. ECB raised benchmark deposit rate by 50 basis points, the first rate hike since 2011.

The dollar Index — which gauges strength in the greenback against six peers — was 0.3 percent down to 106.5.

Domestic equity benchmarks BSE Sensex and NSE Nifty50 opened higher on Friday.

The rupee had settled at 79.95 against the US dollar in the previous session.

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