Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.10% to 93.90.
The Indian rupee rose 5 paise to 75.03 against the US dollar in early trade on Tuesday amid a positive trend in domestic equity markets.
At the interbank foreign exchange, the rupee opened at 75.05 against the dollar, then rose to 75.03, registering a rise of just 5 paise over its previous close.
On Monday, the rupee had closed at 75.08 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.10% to 93.90.
“Crude oil and 10-year yields are stable. The Evergrande crisis has also subsided. The market is now waiting for what the US Fed says on November 3,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
Meanwhile, exporters can sell their near term exports closer to 75.15/20, while importers can buy near 74.90, Mr. Bhansali said, adding that “some inflow of two IPOs starting in the weekend is expected”.
Foreign institutional investors were net sellers in the capital markets on Monday as they sold shares worth Rs 2,459.10 crore, according to exchange data.
On the domestic equity market front, the BSE Sensex was trading 348.13 points or 0.57% higher at 61,315.18, while the broader NSE Nifty was trading 115.15 points or 0.64% higher at 18,240.55.
Brent crude futures, the global oil benchmark, rose 0.24 per cent to $86.20 per barrel.