The rupee gained 7 paise to 82.40 against the US dollar in early trade on Monday amid easing crude oil prices and a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 82.45 against the dollar, then rose to 82.40, registering a gain of 7 paise over its previous close.

On Friday, the rupee closed at 82.47 against the US currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.07 per cent to 103.62.

Brent crude futures, the global oil benchmark, declined 1.12 per cent to USD 73.95 per barrel.

"A huge week is setting up on the macroeconomic front, with the Federal Reserve and the European Central Bank both scheduled to decide on interest rates and update on monetary policy amid persistent inflation," Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, said.

Bhansali further added that rupee will continue to trade in the small range as the Reserve Bank is protecting one end and oil companies continue to buy US dollars at the other end.

In the domestic equity market, the 30-share BSE Sensex rose 77.32 points or 0.12 per cent to 62,702.95. The broader NSE Nifty was up 27.85 points or 0.15 per cent to 18,591.25.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday as they offloaded shares worth Rs 308.97 crore, according to exchange data.

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