The rupee appreciated 5 paise to 83.92 against the US dollar in early trade on Wednesday, ahead of the Reserve Bank of India's monetary policy announcement. Forex traders said the spotlight is firmly on the RBI as it prepares to announce its monetary policy. Most major central banks have pivoted toward rate cuts, with the US Fed being the latest to lower rates by 50 basis points. The RBI has maintained its accommodative stance. All attention now shifts to whether the central bank will move from its accommodative stance to a more neutral approach. At the interbank foreign exchange market, the local unit opened at 83.92 against the American currency, registering a rise of 5 paise over its previous close. On Tuesday, the rupee rose 3 paise to close at 83.97 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.03 per cent to 102.58 points. Brent crude, the international benchmark, was trading higher by 0.40 per ce