The rupee appreciated 8 paise to 83.23 against the US dollar in early trade on Monday, supported by positive domestic equities and fresh foreign fund inflows. Forex traders said investor sentiments got a boost as crude oil prices retreated from their elevated levels, while the strength of the American currency in the overseas market weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.27 against the greenback. It later touched 83.23 in initial trade, higher 8 paise from its previous close. On Friday, the rupee appreciated 8 paise to close at 83.31 against the US dollar as the Reserve Bank of India kept the benchmark interest rate unchanged at 6.5 per cent for the seventh time in a row. The rupee is expected to trade in a range as the Reserve Bank continues to protect it from falling further while inflows may bring it to 83.20, Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors