Rupee rises 4 paise to 82.92 against U.S. dollar in early trade

The rupee stayed firm for the fourth straight session and gained 4 paise to 82.92 against the U.S. dollar in early trade on Thursday, tracking a weak American currency against major overseas rivals.

Forex trader said, however, the Indian currency was under pressure due to subdued equity market sentiment and elevated level of crude oil prices.

At the interbank foreign exchange, the domestic currency opened at 82.94 and gained further to 82.92 against the greenback in initial deals, registering a gain of 4 paise from its previous close.

The rupee settled 1 paisa higher at 82.96 against the U.S. dollar on Wednesday, after witnessing a cumulative gain of 8 paise in the preceding two sessions.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% lower at 103.87.

Analysts attributed the retreating dollar index to the U.S. Federal Reserve’s minutes that reflected policy makers’ cautious approach, ebbing the possibility of interest rate cuts in the immediate future.

Brent crude futures, the global oil benchmark, rose 0.13% to $83.14 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 32.44 points or 0.04% lower at 72,590.65 points. The broader NSE Nifty slipped 3.60 points or 0.02% to 22,051.45 points.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth ₹284.66 crore, according to exchange data.