The rupee Thursday appreciated 14 paise to 70.32 against the US dollar in early trade amid weakness in the American currency on uncertainty over Federal Reserve rate hikes following the release of Fed meet minutes.
The minutes of US Fed's latest policy meeting showed the policymakers may slow the pace of rate hikes to prevent a slowdown in the economy.
The rupee on Wednesday had depreciated by 25 paise to close at 70.46 against the US dollar.
Brent crude, the global benchmark, was trading lower at 60.89 per barrel, lower by 0.90 per cent.
Meanwhile, foreign funds bought shares worth Rs 276.14 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 439.67 crore on Wednesday, provisional data showed.
The benchmark BSE Sensex was trading down 27.62 points, or 0.08 per cent at 36,185.29, while the NSE Nifty was trading at 10, 839.65, down 15.50 points, or 0.14 per cent.
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