Rupee rises 20 paise to 94.20 against US dollar in early trade

The rupee appreciated 20 paise to 94.20 against the US dollar in early trade, supported by lower oil prices and improving foreign inflows. Traders noted RBI may have purchased around USD 3-5 billion over the last two sessions to rebuild forex reserves and reduce its estimated USD 110 billion forward dollar book, which could slow the pace of rupee gains. Meanwhile, equity markets were weak with the Sensex falling 786.58 points to 76,624.90 and FIIs offloading equities worth Rs 1,025.20 crore on a net basis.