The rupee strengthened against opening trade on Thursday due to a weak dollar in overseas markets and early gains in domestic equity markets.
The rupee's gains were restricted by firm crude oil prices and forex outflows from capital markets, according to forex dealers.
The rupee opened higher at 82.78 to a dollar against the previous close of 82.84 on the interbank foreign exchange market.
The domestic unit hit a new high of 82.73 before trading at 82.74 at 0930 hrs, showing gains of 10 paise over the previous close.
The dollar index, which measures the strength of the greenback against a basket of six currencies, declined by 0.28 per cent to 103.87.
The global oil benchmark, Brent crude futures, rose 0.45 per cent to USD 82.57 per barrel.
In the domestic equity market, the 30 share of the BSE Sensex rose by 397.14 points to 61,464. The NSE Nifty advanced by 119.65 points to 18,318 while NSE Nifty advanced by 38.65 points. Foreign institutional investors FIIs turned net sellers in the capital markets on Wednesday as they sold shares worth Rs 1,119. According to exchange data, 11 crore were reported to be in the hands of the exchange.