Rupee rises 4 paise to 83.14 against US dollar in early trade

New Delhi: The rupee appreciated 4 paise to 83.14 against the US dollar in early trade on Wednesday as robust buying in domestic equities boosted investor sentiment.

Forex traders said a weak greenback against major currencies overseas weighed in favour of the local currency amid concerns over oil supplies due to geopolitical situation.

At the interbank foreign exchange, the domestic currency opened at 83.17 and gained further to trade at 83.14 against the greenback, registering a rise of 4 paise over its previous close.

On Tuesday, the domestic currency settled at 83.18 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.02 per cent higher at 101.81 on Tuesday.

Global oil price benchmark Brent crude was 0.08 per cent lower at USD 79.17 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 348.81 points or 0.49 per cent higher at 71,786.00. The broader NSE Nifty was up 105.45 points or 0.49 per cent to 21,558.55.

Foreign institutional investors (FIIs) were net sellers in the equity market on Tuesday as they offloaded shares worth Rs 601.52 crore, according to exchange data.