Rupee rises 13 paise to 78.90 against US dollar in early trade on Thursday

Recovering from its record low, the rupee appreciated 13 paise to 78.90 against the US dollar on Thursday.

At the interbank foreign exchange, the rupee opened at 78.92 against the American dollar. In initial trade, the local currency witnessed a high of 78.90 and a low of 78.94 against the US dollar.

In the previous session, the rupee had closed at its all-time low of 79.03 against the US dollar.

According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the range for the rupee today is 78.65-79.05.

"Asian currencies have started mixed, but currencies could remain under pressure after Fed Chair Jerome Powell said there is a risk the US central bank's interest rate hikes will slow the economy considerably," Iyer said.

On the domestic equity market front, the 30-share Sensex was trading 337.14 points or 0.64 per cent higher at 53,364.11, while the broader NSE Nifty advanced 84.00 points or 0.53 per cent to 15,883.10.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.07 per cent to 105.03.

Global oil benchmark Brent crude futures rose 0.07 per cent to USD 116.34 per barrel.

Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 851.06 crore, as per exchange data.