The rupee depreciated by 8 paise to 82.76 against the dollar on the strength of the US dollar in the forex market in the early hours of Thursday.

At the interbank foreign exchange, the domestic unit opened lower at 82.76, down 8 paise from its previous level.

On Wednesday, the exchange rate of the rupee against the dollar was 82.68.

The dollar index, which measures how strong the dollar is against six other currencies, rose 0.14 per cent to 104.02.

According to Sriram Iyer, Senior Research Analyst – Commodities & Currencies, Reliance Securities Ltd, safe haven desire helped the US dollar index to start Asian trade flat on Thursday morning, trading slightly above the USD 104 level.

According to Iyer, the Chinese yuan has weakened further, and general risk aversion will also limit the local currency’s ability to appreciate.

The benchmark for world oil, Brent crude futures, declined 0.05% to $78.32 a barrel.

In the domestic equity market, the 30-share BSE Sensex closed at 61,746.57, down 27.21 points or 0.04 per cent. The NSE Nifty index overall fell 5.90 points, or 0.03 per cent, to 18,279.50.

According to exchange data, foreign institutional investors (FIIs) were net buyers buying shares worth Rs 1,185.84 crore in the capital market on Wednesday.

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