The rupee rose 2 paise to 83.96 against the US dollar in early trade on Wednesday aided by a weakening dollar against major currencies overseas and a drop in crude oil prices.

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The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.14 per cent to 101.67.

Brent crude, the international oil benchmark, declined 0.62 per cent to 73.29 in futures trade.

At the interbank foreign exchange market, the rupee opened at 83.96, higher by 2 paise from its previous close and stayed put. The unit had settled at 83.98 against the US dollar on Tuesday.

"Amid the backdrop of this week's jobs data, US markets experienced a significant sell-off yesterday as investors sought refuge accompanied by a sharp drop in oil prices," CR Forex Advisors Managing Director Amit Pabari said.

Meanwhile, in the domestic equity markets, Sensex tumbled 721.75 points to 81,833.69 in early trade, while Nifty tanked 196.05 points to 25,083.80.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 1,029.25 crore, according to exchange data.