Mumbai: The rupee Wednesday appreciated by 8 paise to 71.49 in early trade on the forex market amid a positive opening in domestic equities and fresh foreign fund inflows. Also Read - Are You Saving Money By Putting in Savings Account? Actually NOT

Forex traders said investors were cautious ahead RBI’s Monetary Policy Committee outcome scheduled for February 7. Also Read - Bank Alert: RTGS Won't Work on Sunday? NEFT To Remain Normal? Here's What RBI Says

Moreover, rising crude prices capped the gains for the domestic unit. Also Read - RBI Grade B Result: Phase-1 Marksheet And Cutoff Released | Direct Link and Other Details Here

At the Interbank Foreign Exchange, the rupee opened higher at 71.56 then gained further ground to touch 71.49 against the US dollar, showing a gain of 8 paise over its previous closing.

In a very volatile trade, the domestic currency also touched a low of 71.60, showing a loss of 3 paise over its last close.

On Tuesday, the rupee had settled 23 paise higher at 71.57 against the US dollar.

Foreign funds purchased shares worth Rs 420.65 crore on a net basis, and domestic institutional investors bought shares worth Rs 194.31 crore Tuesday, provisional data showed.

The global benchmark, Brent crude oil was trading at USD 62.02 per barrel, higher by 0.06 per cent.

Meanwhile, the domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 36,833.84, up 217.03 points in early trade. The wide-based Nifty was also trading up by 65 points at 10,999.35. PTI

This is published unedited from the PTI feed.