The Indian rupee appreciated by 7 paise to 84.64 against the US dollar in early trade on Friday, as investor sentiment was buoyed by fresh foreign fund inflows. However, a muted trend in domestic equities put a cap on the rupee’s gains.

At the interbank foreign exchange market, the rupee opened at 84.66 and traded within a narrow range, touching 84.64 against the greenback, marking a gain of 7 paise from its previous close. On Thursday, the rupee had recovered from its all-time low level and settled 4 paise higher at 84.71 against the US dollar.