Rupee rises 3 paise to 82.40 against US dollar in early trade

The Indian rupee gained 3 paise against the US dollar to trade at 82.40, supported by domestic equities and positive macroeconomic data, including a decline in retail inflation to a 25-month low and a rise in industrial production growth to 4.2% in April. However, investors are awaiting cues from the US inflation data release, which could impact the Federal Open Market Committee policy stance. The delayed monsoon could also affect food inflation in the near term, traders warn. Meanwhile, foreign institutional investors offloaded shares worth INR626.62 crore in the capital market on Monday.