The rupee traded in a narrow range and appreciated 4 paise to 94.39 against the US dollar in early trade on Monday, as the support from strong FCNR-related dollar inflows was negated by elevated crude oil prices amid persistent global headwinds.

Forex traders said the rupee continues to draw strength from the robust liquidity wave, but renewed military strikes have driven Brent crude toward USD 97 per barrel, reigniting fears over Middle Eastern energy supply disruptions.