The rupee depreciated 1 paisa to settle at 82.82 (provisional) against the US dollar on Thursday amid a strong greenback against major rivals overseas and rising crude oil prices.

However, a firm trend in domestic equity markets supported the local currency and restricted the fall, forex traders said.

At the interbank foreign exchange market, the rupee opened slightly weak at 82.84 and witnessed an intra-day low of 82.89 and a high of 82.82 against the greenback during the session.

The local unit finally settled at 82.82 (provisional) against the dollar, registering a loss of just 1 paisa from its previous close.

On Wednesday, the rupee declined 1 paisa to settle at 82.81 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.07 per cent at 102.47.

Brent crude futures, the global oil benchmark, advanced 0.77 per cent to $84.68 per barrel.

On the domestic equity market front, Sensex climbed 335.39 points or 0.46 per cent to close at 73,097.28. The broader Nifty jumped 148.95 points or 0.68 per cent to end at 22,146.65.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they sold shares worth ₹4,595.06 crore, according to exchange data.

The wholesale inflation rate declined marginally to 0.2 per cent in February compared to 0.27 per cent in the preceding month despite a slight uptick in the food basket.

The Wholesale Price Index (WPI)-based inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. The inflation in February 2023 was 3.85 per cent.