The rupee depreciated 4 paise to 83.22 against the US dollar in early trade on Thursday, tracking negative cues from domestic equity markets and sustained withdrawal of foreign funds
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.
"Brent oil fell to a low of USD 74.63 per barrel which is a six-month low on US output being at record highs even though inventories fell. This should be quite positive for the rupee," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
At the interbank foreign exchange, the rupee opened at 83.37 against the dollar and then touched 83.38, registering a gain of 2 paise over its previous close.