In early trading, the Indian rupee climbs 13 paise to 78.90 against the US dollar

The rupee increased 13 paise to 78.90 against the US dollar on Thursday, rebounding from its record low. The opening rate for the rupee at the interbank foreign exchange was 78.92 against the US dollar. The local currency experienced a high and a low in the initial session versus the US dollar of 78.90 and 78.94 respectively.

The rupee had previously reached an all-time low of 79.03 against the US dollar. Sriram Iyer, Senior Research Analyst at Reliance Securities, claims that the rupee's current trading range is between 78.65 and 79.05.

Iyer noted that although Asian currencies "have started mixed, currencies could remain under pressure after Fed Chair Jerome Powell stated there is a chance that the US central bank's interest rate hikes will significantly impede the economy."

The 30-share Sensex was up 337.14 points, or 0.64 percent, at 53,364.11 on the domestic equities market, while the larger NSE Nifty gained 84.00 points, or 0.53 percent, to 15,883.10.

The dollar index, which measures the strength of the dollar against a basket of six different currencies, decreased 0.07 percent to 105.03. Benchmark Brent crude futures for world oil increased 0.7% to USD 116.34 per barrel.

According to exchange data, foreign institutional investors continued to be net sellers in the capital market on Wednesday, selling shares worth Rs 851.06 crore.