The rupee appreciated 7 paise to 82.96 against the US dollar (23.04 UAE dirhams) in early trade on Monday, as a weak American currency in the overseas markets and unabated foreign fund inflows boosted investor sentiment.
However, a muted trend in the domestic equity markets restricted gain in the local unit, forex traders said. At the interbank foreign exchange, the rupee opened 6 paise higher at 82.97 against the dollar (23.047 UAE dirham). In early trade, the rupee was oscillating between 82.95 and 83.02 (23.04-23.06 UAE dirham).
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In initial deals, the rupee was trading at 82.96 against the US dollar, a gain of 7 paise over its previous close.