As crude oil prices rise, rupee falls 5 paise to 83.54 against US dollar

The rupee depreciated 5 paise to 83.54 against the US dollar in early trade on Thursday, weighed down by elevated crude oil prices.

Forex traders said a positive trend in domestic equities, wherein benchmark indices touched all-time high levels and significant foreign fund inflows supported the rupee and restricted the fall.

At the interbank foreign exchange market, the rupee opened at 83.52 and lost further ground to trade at 83.54 against the greenback in initial deals, registering a fall of 5 paise from its previous closing level.

On Wednesday, the rupee settled 1 paisa lower at 83.49 against the US dollar.

"Though the equity markets are shining bright, the Indian rupee has been trading flat to weaker, despite a drop in the dollar towards 105.04 and US 10-year yields touching 4.35 per cent, post the US service PMI data and ADP non-farm employment change data were weaker than expected," CR Forex Advisors MD Amit Pabari said.

According to Pabari, crude oil prices have risen neari