The Indian rupee appreciated 17 paise to 74.27 against the US dollar in opening trade on Thursday, following a positive trend in domestic equities and weak American currency. Besides, fresh foreign fund inflows also supported the domestic unit, forex dealers said.

At the interbank foreign exchange, the rupee opened strong at 74.26 against the dollar and later edged lower to quote at 74.27, a rise of 17 paise against the last close. In the previous session, the rupee had settled at 74.44 against the US dollar.