Rupee rises 8 paise to 82.93 against U.S. dollar

Rupee rises 8 paise to 82.93/$ as domestic equities gain; Brent crude up 0.37%. RBI seen selling $ at 83 and above levels. FIIs net sellers in capital mkt, offloading ₹1,631.63 cr. Rupee range-bound as support from equities negated by oil, firm $. U.S. retail sales awaited.

The rupee appreciated 8 paise to 82.93 against the U.S. dollar in early trade on Thursday tracking positive domestic equities.

Forex traders said the rupee is witnessing a range-bound trading against the dollar as the support from positive domestic equities was negated by elevated crude oil prices and a firm U.S. dollar.

At the interbank foreign exchange, the rupee opened at 82.98 against the dollar, and touched 82.93, registering a rise of 8 paise over its previous close.

On Wednesday, the rupee closed at 83.01 against the U.S. currency.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.13% to 104.62.

Brent crude futures, the global oil benchmark, advanced 0.37% to $92.22 per barrel.

According to Finrex Treasury Advisors LLP Head of Treasury Anil Kumar Bhansali, the rupee was sold off on Wednesday as oil companies continued their relentless buying of U.S. dollar.