Indian rupee rises 8 paise to 82.93 against US dollar

The rupee appreciated 8 paise to 82.93 against the US dollar in early trade on Thursday, following positive domestic action.
Forex traders said the rupee was seeing limited movements against the dollar as support from positive domestic equities was negated by high crude oil prices and a strong US dollar.
According to interbank exchange rates, the rupee opened at 82.98 per dollar and touched 82.93, up 8 paise from its previous close.
On Wednesday, the rupee closed at 83.01 against the US currency.
Meanwhile, the dollar index, a gauge of the greenback’s strength against a basket of six currencies, fell 0.13% to 104.62. Brent crude futures, the global oil benchmark, rose 0.37% to $92.22/barrel.
According to Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, the rupee was sold off on Wednesday as oil companies continued to buy US dollars relentlessly.
The RBI appears to be present at 83 or above on short US dollars, he said.
On Thursday, as the market awaits US retail sales, the rupee is expected to continue to have limited volatility.
In the domestic stock market, the 30-share BSE Sensex index increased 189.01 points, equivalent to 0.28%, to 67,656. The broader NSE Nifty index rose 61.45 points or 0.31 per cent to 20,131.45.
Foreign institutional investors (FIIs) were net sellers in the capital market on Wednesday selling shares worth Rs 1,631.63 crore, according to stock exchange data.