Rupee gains 6 paise against US dollar in early trade

The rupee appreciated 6 paise to 73.52 against the US dollar in opening trade on Wednesday, as gains in domestic equity market boosted investor confidence.

Forex dealers said lower crude prices also helped the domestic unit to strengthen its ground.

However, a strong dollar against major currencies overseas restricted the rupee's gain, they added.

At the interbank forex market, the domestic unit opened slightly lower at 73.59, but soon recovered to quote 73.52 against the US dollar, registering a rise of 6 paise over its previous close.

On Tuesday, the rupee depreciated 20 paise to settle at 73.58 against the US dollar.

On the domestic equity market front, BSE benchmark Sensex was trading 188.03 points higher at 37,922.11, and broader NSE Nifty rose 53.35 points to 11,207.00.

The dollar index, which gauges the greenback's strength against a basket of six currencies, climbed 0.19 per cent to 94.16.

Brent crude futures, the global oil benchmark, slipped 0.74 per cent to USD 41.41 per barrel.

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Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 2,072.76 crore on Tuesday, according to provisional exchange data.