Rupee appreciates 6 paise to 83.37 against US dollar in early trade

The rupee stayed on the upward track for the second straight session and appreciated 6 paise to 83.37 against the US dollar in early trade on Wednesday boosted by sustained inflow of foreign capital and firm equity markets.

The local unit, however, faced resistance due to a stronger American currency and higher crude oil prices overseas, forex traders said.

At the interbank foreign exchange market, the local unit opened strong at 83.39 and gained further to 83.34 against the greenback in initial deals. It later traded at 83.37 against the American currency, registering a rise of 6 paise from its previous close.

On Tuesday, the rupee had settled 12 paise higher at 83.43 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading marginally higher by 0.02 per cent at 104.90.

Analysts said the dollar index fell initially as the US data showed the growth in retail sales was lower than expected, though the ..