MUMBAI: The Indian rupee appreciated by 20 paise to 70.87 against the US dollar in early trade on Thursday.
At the interbank foreign exchange, the rupee opened at 70.96, then gained further ground and touched a high of 70.87, registering a rise of 20 paise over its previous close.
The rupee had settled at 71.07 against the US dollar on Wednesday.
However, the domestic unit could not hold on to the gains and was trading at 71.03 against the dollar at 1008 hrs.
Brent crude futures, the global oil benchmark, fell 0.17 per cent to trade at USD 58.22 per barrel.
Domestic bourses opened on a cautious note on Thursday with benchmark indices Sensex trading 83.99 points lower at 38,093.96 and Nifty down 41.10 points at 11,272.20.
According to provisional exchange data, Foreign institutional investors (FIIs) remained net sellers in the capital market, pulling out Rs 485.24 crore on Wednesday.
The 10-year government bond yield was at 6.46 per cent in morning trade.
With inputs from PTI