Rupee rises 2 paise to 82.99 against US dollar in early trade

The rupee rose 2 paise to 82.99 against the US dollar in early trade on Tuesday, amid softening crude oil prices in the overseas market.

Forex traders said, however, a strong American currency, withdrawal of foreign funds and subdued equity market sentiment kept the local unit under pressure.

At the interbank foreign exchange, the domestic currency opened at 83.02 and inched up to 82.99 against the greenback in initial deals, registering a gain of 2 paise from its previous close.

On Friday, the rupee settled 4 paise higher at 83.01 against the US dollar.

The currency derivatives market was closed on Monday on account of Chatrapati Shivaji Maharaj Jayanti.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.13 per cent higher at 104.28.

Brent crude futures, the global oil benchmark, declined 0.13 per cent to USD 83.45 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 164.66 points or 0.23 per cent lower at 72,543.50 points. The broader NSE Nifty declined 44.45 points or 0.20 per cent to 22,077.70 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday as they offloaded shares worth Rs 754.59 crore, according to exchange data.