The rupee touched 83.43 per US dollar in early trade

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The rupee rose a paise to 83.43 against the US dollar in early trade on Thursday, supported by a weaker US currency and positive domestic equity markets.

Foreign exchange traders said that the rise in crude oil prices is hampering the growth of the Indian currency. Investors are also cautious ahead of the Reserve Bank of India’s (RBI) monetary policy decision to be announced on Friday.

The rupee opened at 83.40 per dollar in the inter-bank foreign exchange market. After the initial trade, it fell to 83.43 per dollar, up one paise from its previous close. The rupee closed at 83.44 against the US dollar on Wednesday.

Meanwhile, the dollar index, which measures the US dollar’s strength against six major currencies, fell 0.15 percent to 104.06.

Global oil benchmark Brent crude futures were trading up 0.38 percent at US$78.71 a barrel.

BSE’s 30-share index Sensex rose 303.91 points to 74,686.15 points in early trade. According to stock market data, foreign institutional investors (FIIs) were sellers in the capital market on Wednesday and bought Rs. 5,656.26 crore worth of shares were sold.

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