The rupee advances 7 paise to reach 83.02 against the US dollar.

Early on Friday, as the US dollar fell from its high levels, the Indian rupee rebounded from record lows and strengthened by 7 paise to 83.02 against the greenback. However, a sluggish trend in domestic equities, outflows of foreign funds, and rising crude oil prices hurt the domestic unit, according to currency dealers.

The local unit achieved a high of 83.02 versus the US dollar at the interbank foreign exchange, up 7 paise from its previous closing. It started the day at 83.03 there. The rupee also reached a low of 83.09 against the dollar in early trade.

On Thursday, the rupee reached a brand-new all-time low against the US dollar, closing the day down 1 paisa at 83.09. The rupee is likely to trade with a negative bias due to risk aversion in international markets and a strong US dollar, according to forex traders.

The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.26 percent to 103.30. The benchmark for world oil, Brent crude futures, increased 0.07 percent to USD 84.18 a barrel.

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