Rupee up 1 paisa against US dollar in early trade

While the US dollar fell slightly in overseas markets, rising Brent crude oil prices limited gains for the domestic currency.

Mumbai: The rupee opened 1 paisa higher at 83.67 against the US currency on Thursday after the Federal Reserve held the rates, but said a September rate cut could be on the table.

The US dollar declined marginally in overseas markets but Brent crude oil prices rose further, limiting gains for the domestic currency.

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At the interbank currency exchange, the domestic currency opened at 83.67, 1 paisa higher than the previous day’s close.

The domestic currency moved in a tight range of 83.67-83.69.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, declined 0.13 per cent to 103.96 points.

Brent crude — the global oil benchmark — rose 2.26 per cent to USD 80.41 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex crossed the 82,000-mark for the first time, while Nifty touched a record high of 25,000.

Foreign institutional investors were net sellers in the capital markets on Wednesday and offloaded shares worth Rs 3,462.36 crore, according to exchange data.