Rupee appreciates by 2 paise to 83.30 against US dollar in early trade

The rupee edged up by 2 paise to 83.30 against the US dollar in opening trade on Thursday amid a correction in crude oil prices and gains in local equities.

The US currency also weakened against its major global rivals which supported the rupee sentiment despite FII outflows, forex dealers said.

At the interbank foreign exchange market, the local unit opened at 83.30 against the US dollar, showing a rise of 2 paise over the last close. The unit had closed at 83.32 on Wednesday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.17 per cent down at 103.74. The greenback had strengthened on Wednesday after the Fed meeting minutes suggested a hawkish tone of the Federal Open Market Committee (FOMC).

Brent crude futures, the global oil benchmark, fell 1.45 per cent to USD 80.77 per barrel.

On the domestic equity market front, Sensex rose by 145.86 points or 0.22 per cent to 66,169.10 points in early trade. The Nifty50 advanced 48.70 points or 0.25 per cent to 19,860.55.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they sold shares worth Rs 306.56 crore, according to exchange data.