Rupee rises 8 paise to 83.26 against US dollar in early trade

The rupee appreciated 8 paise to 83.26 against the US dollar on Thursday, tracking a weak American currency against major overseas rivals and positive cues from domestic equity markets.

According to forex traders, the Indian currency strengthened on the back of massive equity buying by Foreign Institutional Investors (FIIs). However, volatility in crude oil prices resisted a sharp gain in the Indian currency.

At the interbank foreign exchange, the rupee opened at 83.33 and gained further to 83.26 against the greenback, registering a rise of 8 paise from its previous close.

• Also read: Currency Outlook: Dollar and Treasury yields remain weak

On Wednesday, the domestic currency settled at 83.34 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.17 per cent at 100.48 on Thursday.

Global oil price benchmark Brent crude inched up 0.08 per cent to $79.71 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 221.43 points, or 0.31 per cent, higher at 72,259.86. The broader NSE Nifty rose 50.80 points or 0.23 per cent to 21,705.55.

FIIs bought equities worth ₹2,926.05 crore on Wednesday, according to exchange data.

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