Rupee edges up 1 paisa to 82.03 amid weak dollar, stocks rally

The rupee edged up 1 paisa to settle at 82.03 (provisional) against the US dollar in a listless trade on Tuesday amid a weak greenback in overseas markets and a rally in domestic equities.

The rupee edged up 1 paisa to settle at 82.03 (provisional) against the US dollar in a listless trade on Tuesday amid a weak greenback in overseas markets and a rally in domestic equities.

While concerns over interest rate hikes in the U.S. and geopolitical worries capped gains in the local unit, a weak U.S. currency in the global markets and a fall in crude oil prices supported the rupee, analysts said.

At the interbank foreign exchange market, the rupee opened higher at 82.02 and later moved in a narrow band of 81.95 to 82.03 during the day.

The local currency settled at the day's low level of 82.03 (provisional) against the U.S. dollar, reflecting a gain of 1 paisa over the last close.

The rupee had declined by 8 paise to close at 82.04 on Monday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.10% to 102.58.

The greenback showed some weakness ahead of the release of U.S. data that may have some bearing on the timing of further rate hikes by the Federal Reserve.