Rupee depreciates 4 paise to 83.55 against US dollar in early trade

The rupee depreciated 4 paise to 83.55 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and elevated crude oil prices.

Forex traders said a positive trend in domestic equities and significant foreign fund inflows supported the rupee and restricted the fall.

At the interbank foreign exchange market, the rupee opened at 83.53 and lost further ground to trade at 83.55 against the greenback in initial deals, registering a fall of 4 paise from its previous closing level.

On Friday, the rupee settled at 83.51 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.21, higher by 0.11 per cent.

Brent crude futures, the global oil benchmark, advanced 0.11 per cent to USD 85.14 per barrel.

Over the past week, the Indian rupee has remained steady against the dollar, consistently hovering around the 83.50 mark despite a brief weakening of the .