Rupee appreciates 16 paise to 82.25 against US dollar as it weakens

The rupee gained 16 paise to 82.25 against the US dollar in early trade on Wednesday as weakness of the American currency in the overseas market and steady foreign fund inflows supported investors’ sentiment.
However, a surge in crude oil prices capped sharp gains for the local unit, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 82.29, then touched a high of 82.25 against the American currency, registering a rise of 16 paise over its last close.
On Tuesday, the rupee had settled at 82.41 against the dollar. Softness in the US dollar and sustained FII inflows supported the rupee, forex traders said adding that the strength in crude oil prices remains a concern for the rupee, as a sharp surge in prices could limit its gains.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.30 per cent to 101.42.
Brent crude futures, the global oil benchmark, rose 0.20 per cent to USD 79.56 per barrel.
Traders sa