Indian rupee rises by 5 paise in early trade on Wednesday

The rupee rose 5 paise to 83.23 against the US dollar (22.67 against the UAE dirham) in early trade on Wednesday, recovering from its steep loss in the past two sessions amid a massive selling by foreign equity investors and a strengthening American currency.

Weak sentiment in the global equity markets and surging crude oil prices also weighed on the Indian currency, forex traders said.

At the interbank foreign exchange, the currency opened at 83.23 and traded in a narrow range of 83.21 to 83.24 against the greenback. It later traded at 83.23 against the dollar, registering a gain of 5 paise from its previous close.

• Indian rupee, perched near record low, to remain under pressure