Rupee edges up 1 paisa to 83.02 against U.S. dollar in early trade

Rupee edges up against US dollar as Mumbai awaits key US Fed policy decision, impacting stock markets.

The rupee edged up 1 paisa to 83.02 against the U.S. dollar on Wednesday ahead of the announcement of the key U.S. Fed policy decision later in the day.

At the interbank foreign exchange market, the rupee opened higher at 83.00 against the previous close of 83.03 in line with firm domestic stock markets.

The rupee traded at 83.02, up 1 paisa, in early morning deals.

The local unit fell 13 paise to settle below the 83 level for the first time in the past month due to a spike in crude oil prices and foreign fund outflows. The rupee has declined in the past seven straight sessions against the U.S. dollar.

The U.S. dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.40% higher at 103.85.

Brent crude futures, the global oil benchmark, were trading at a multi-month high of $87.24 per barrel.