The Indian rupee saw a 5 paise uptick, reaching 83.23 against the US dollar in early trade after recent losses due to foreign equity investor sell-offs and a stronger US currency. This resurgence was influenced by weak global equity markets and escalating crude oil prices. Over the last two sessions, the rupee experienced a 34 paise decline, closing at 83.28 against the dollar on Tuesday. The surge in the US dollar, driven by rising US Treasury yields and indications of an extended interest rate hike cycle by the Federal Reserve, contributed to the rupee’s dip. Domestic equities followed suit, with BSE Sensex and NSE Nifty declining, and Foreign Institutional Investors (FIIs) were net sellers in the capital market on Tuesday.