Rupee rises 12 paise to 83.49 against U.S. dollar in early trade

On the domestic equity market front, the 30-share BSE Sensex climbed 226.69 points or 0.31% to 73,170.37 in early trade. The NSE Nifty advanced 89.05 points or 0.45 to 22,236.95.

The rupee rebounded from its all-time low levels and appreciated 12 paise to 83.49 against the U.S. dollar in early trade on April 18, supported by a firm trend in domestic equities and tracking gains in Asian currencies.

Forex traders said the local unit gained ground as the American currency retreated from its elevated levels.

At the interbank foreign exchange market, the local unit opened at 83.51 against the greenback. It later touched 83.49 in initial trade, registering a rise of 12 paise from its previous close.

On Tuesday, the rupee plunged 17 paise to hit its lowest level of 83.61 against the U.S. dollar for the second time in four weeks.

Forex and money markets were closed on Wednesday on account of 'Ram Navami'.

The Indian rupee which closed at record lows on Tuesday opened around 83.51 this morning as Asian currencies gained a bit against the dollar, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

The rupee is likely to trade in the range of 83.45 to 83.65 as FPIs and oil companies buy dollars while RBI sells the American currency as it did on Tuesday when it might have intervened by $2 billion, Mr. Bhansali added.