Rupee rises 4 paise to 83.01 against US dollar in early trade

Image used for representative purpose only

The rupee rose 4 paise to 83.01 against the US dollar in early trade on Friday, tracking positive cues from domestic equity markets.

Forex traders said a strong American currency and elevated crude oil prices, however, weighed on the local unit.

At the interbank foreign exchange, the domestic currency opened at 83.03 and inched up to 83.01 against the greenback in initial deals, registering a gain of 4 paise from its previous close.

On Thursday, the rupee settled 3 paise lower at 83.05 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.12% up at 104.32.

Brent crude futures, the global oil benchmark, were trading 0.07% lower at USD 82.80 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 302.55 points or 0.42% higher at 72,352.93 points. The broader NSE Nifty advanced 95.90 points or 0.44% to 22,006.65 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they sold shares worth ₹3,064.15 crore, according to exchange data.

Government data released on Thursday showed the country's exports increased 3.12% on-year to USD 36.92 billion in January. Imports rose by about 3% to USD 54.41 billion and the trade deficit stood at USD 17.49 billion.