Rupee rises 7 paise to 83.02 against US dollar

Mumbai, Aug 18 (PTI) The rupee recovered from its all-time low levels and appreciated by 7 paise to 83.02 against the US dollar in early trade on Friday as the American currency retracted from its elevated levels.

However, a muted trend in domestic equities, foreign fund outflows and rising crude oil prices weighed on the domestic unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.03, then touched a high of 83.02 against the American currency, registering a rise of 7 paise over its last close.

In initial trade the rupee also touched a low of 83.09 against the American currency.

On Thursday, the rupee settled for the day lower by 1 paisa at a fresh all-time low of 83.09 against the US dollar.

Forex traders said rupee is likely to trade with a negative bias on risk aversion in global markets and firm US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.26 per cent to 103.30.

Brent crude futures, the global oil benchmark, rose 0.07 per cent to USD 84.18 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 206.61 points or 0.32 per cent lower at 64,944.41. The broader NSE Nifty declined 67.95 points or 0.35 per cent to 19,297.30.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,510.86 crore, according to exchange data.