Rupee rises 6 paise to 83.70 against US dollar during early trade
The rupee rose 6 paise to 83.70 against the US dollar in early trade on Thursday, reflecting strong investor sentiment after the US Federal Reserve decided to cut interest rate in line with market expectations.
The rupee also got support from lower crude oil prices, positive domestic equity markets as well as inflow of foreign funds, forex traders said.
A stronger greenback, however, capped the upward movement in the local unit, they added.
At the interbank foreign exchange market, the Indian currency opened at 83.70 and inched up to 83.69 before trading at 83.70 against the greenback, registering a gain of 6 paise from its previous closing level.
On Tuesday, the local unit had gained 10 paise to settle at 83.76 against the US dollar.
The Forex market was closed on Wednesday due to the holiday declared by the Maharashtra government.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.46 per cent to 100.75.
Analysts attr