Rupee rises 8 paise to 83.23 against US dollar in early trade

The rupee appreciated 8 paise to 83.23 against the U.S. dollar in early trade on April 8, supported by positive domestic equities and fresh foreign fund inflows.

The rupee appreciated 8 paise to 83.23 against the U.S. dollar in early trade on April 8, supported by positive domestic equities and fresh foreign fund inflows.

Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels, while the strength of the American currency in the overseas market weighed on the local unit and restricted the up move.

At the interbank foreign exchange market, the local unit opened at 83.27 against the greenback. It later touched 83.23 in initial trade, higher 8 paise from its previous close.

On Friday, the rupee appreciated 8 paise to close at 83.31 against the U.S. dollar as the Reserve Bank of India kept the benchmark interest rate unchanged at 6.5% for the seventh time in a row.

The rupee is expected to trade in a range as the Reserve Bank continues to protect it from falling further while inflows may bring it to 83.20, Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP said.

Market participants are awaiting key macroeconomic data from the domestic as well as global front for further cues.

On the domestic front, CPI, IIP and WPI are scheduled to be released this week, while on the global front forex traders will keep a watch on U.S. CPI data.