Rupee appreciates one paisa to 83.36 against US dollar in early trade

The rupee rose 1 paisa to 83.36 against the US dollar in early trade on Tuesday amid foreign fund inflow and softening of the American currency against its major rivals.
According to forex traders, positive cues from the domestic equity market also boosted investors’ sentiment while the upward movement of crude oil prices weighed on the Indian currency.
At the interbank foreign exchange market, the local unit opened at 83.36 against the greenback. The rupee touched the intra-day peak of 83.35 before trading at 83.36 against the American currency, up 1 paise from its previous close.
On Monday, the domestic currency settled at 83.37 against the US dollar.
“Yesterday, the dollar against its major crosses also traded with low volatility as market participants remain cautious ahead of the important FOMC (Federal Open Market Committee) policy statement that is scheduled to be released later this week,” Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial Services, said.