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.

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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. On Wednesday, the rupee had settled at 74.19 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 percent up at 92.29. On the domestic equity market front, BSE Sensex was trading 64.36 points or 0.12 percent lower at 54,305.41, while the broader NSE Nifty declined 16.55 points or 0.1 percent to 16,242.25.

Meanwhile, foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs 2,828.57 crore, as per exchange data. Global oil benchmark Brent crude futures advanced 0.31 percent to USD 70.60 per barrel.