Rupee gains 7 paise to 83.44 against U.S. dollar in early trade

At the interbank foreign exchange market, the local unit opened at 83.50 and recovered some lost ground to trade at 83.44 against the greenback, registering a rise of 7 paise from its previous close.

The rupee recovered from the lower level and appreciated 7 paise to 83.44 against the U.S. dollar in early trade on June 5, taking cues from domestic equity markets and lower crude oil prices overseas.

Forex traders said the rush for value-buying triggered an uptrend in equity markets, boosting the local currency which saw a steep decline on June 4 after the general elections results showed a less-than-expected majority for the BJP-led NDA.

Also read | Markets bounce back in early trade after massive drop on value-buying at lower levels

At the interbank foreign exchange market, the local unit opened at 83.50 and recovered some lost ground to trade at 83.44 against the greenback, registering a rise of 7 paise from its previous close.

On Tuesday, the domestic currency settled at 83.51 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09% higher at 104.14.

Brent crude futures, the global oil benchmark, slipped 0.03% to $77.50 per barrel.