Rupee turns flat at 83.33 against U.S. dollar in early trade

Forex traders said the positive equity markets and inflow of foreign funds resisted the fall in the rupee.

Representational image of U.S. dollar notes | Photo Credit: Reuters

The rupee turned flat at 83.33 against the U.S. dollar in early trade on Thursday amid a strong American currency and higher crude oil prices.

Forex traders said the positive equity markets and inflow of foreign funds resisted the fall in the Indian currency.

At the interbank foreign exchange, the rupee opened at 83.32 and lost further to trade at the previous closing level of 83.33 against the greenback in initial deals.

On Wednesday, the rupee declined 4 paise to close at 83.33 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent higher at 104.07.

Brent crude futures, the global oil benchmark, rose 0.53% to $86.56 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 170.43 points, or 0.23%, higher at 73,166.74 points. The broader NSE Nifty rose 53.45 points, or 0.24%, to 22,177.10 points.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth ₹2,170.32 crore, according to exchange data.