Rupee rises 6 paise against US dollar in early trade after hitting all-time low on Monday

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Rupee rises 6 paise against US dollar in early trade after hitting all-time low on Monday
The Indian rupee strengthened by 6 paise to 83.26 against the US dollar in early trade on Wednesday, after hitting an all-time low on Monday, on easing global crude oil prices and rising appetite for riskier assets. However, a sell-off in the domestic equity markets and a strong American currency against major rivals overseas restricted the rupee's rise, traders said.
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At the interbank foreign exchange, the domestic unit opened at 83.22 against the dollar and then slipped to 83.26, registering a gain of 6 paise over its previous close.

In the initial trade, the domestic unit was moving in a tight range of 83.27-83.22 against the American currency.

In the previous session on Monday, the rupee had settled at an all-time low of 83.32 against the dollar.

Currency markets were closed on Tuesday on account of Ganesh Chaturthi.

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The dollar index, which gauges the greenback's strength against a basket of six currencies, was almost unchanged at 104.83.

Brent crude futures, the global oil benchmark, fell 1% to USD 93.40 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 307.27 points or 0.45% lower at 67,289.57. The broader NSE Nifty declined 100.75 points or 0.5% to 20,032.55.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they sold shares worth Rs 1,236.51 crore, according to exchange data.
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