The rupee rose 31 paise to 81.51 versus the US dollar in opening trade on Tuesday, following a weakening in the dollar in global markets and a surge in domestic equities.

The rupee was constrained, however, by the increase in crude prices on the global market, according to Forex brokers.

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The domestic unit at the interbank foreign exchange began considerably higher against the dollar at 81.66 before gaining further ground to 81.51, reflecting a gain of 31 paise over its previous finish. On Monday, the rupee fell 42 paise to 81.82 versus the dollar.

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Following the Reserve Bank of Australia‘s lower-than-expected 25 basis point increase in interest rates, the Australian dollar dropped 0.8% to $0.6466.

China‘s offshore yuan climbed 0.2%, regaining ground after hitting a record low last month.

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The South Korean won recovered from a 13-year low, rising 0.2%, while the Indonesian rupiah advanced 0.1%.

The Japanese yen defied the trend, sliding 0.2% and approaching a 24-year low of roughly 145 per dollar. The yen came under pressure after statistics showed that inflation in Tokyo reached an eight-year high in September, indicating that the country is facing more economically destructive inflationary pressures.

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Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, fell 0.14% to 111.58.

The Sensex was trading 1,006.59 points, or 1.77%, higher at 57,795.40, while the Nifty was up 306.40 points, or 1.81%, at 17,193.75.

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According to exchange statistics, foreign institutional investors were net purchasers in the capital market on Monday, purchasing shares worth Rs 590.58 crore.

The international oil benchmark, Brent crude futures, climbed 0.46% to USD 89.27 per barrel.