Mumbai: The rupee recovered from the lower level and appreciated 7 paise to 83.44 against the US dollar in early trade on Wednesday, taking cues from domestic equity markets and lower crude oil prices overseas.

Forex traders said the rush for value-buying triggered an uptrend in equity markets, boosting the local currency which saw a steep decline on Tuesday after the general elections results showed a less-than-expected majority for the BJP-led NDA.

At the interbank foreign exchange market, the local unit opened at 83.50 and recovered some lost ground to trade at 83.44 against the greenback, registering a rise of 7 paise from its previous close.

On Tuesday, the domestic currency settled at 83.51 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09 per cent higher at 104.14.

Brent crude futures, the global oil benchmark, slipped 0.03 per cent to USD 77.50 per barrel.