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The rupee came under pressure due to rising global crude oil prices and weaker-than-expected domestic industrial output data for April. However, sustained foreign fund inflows and positive sentiment in domestic equities helped limit further losses, according to forex traders.

The domestic equity markets rebounded with the 30-share BSE Sensex rising 117.57 points to 74,571.98 in early trade, while Nifty was up 31.3 points to 22,584.65

The rupee opened at 86.35 then fell further to 86.44 against the American currency, as Trump Tariffs uncertainty gained

Higher crude oil prices, lower economic growth projection continue to play spoilsports on Wednesday

The Indian currency, however, capped the fall on the back of some recovery in domestic equity markets and receding crude oil prices overseas

Slowing domestic growth, widening trade deficit, and persistent foreign fund outflows fuel depreciation

Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent.

Forex traders noted that the US dollar weakened against major currencies following a sharp drop in consumer confidence, which fell to 98.7 from 105.6 in August, the largest decline in three years. At the interbank foreign exchange market, the rupee opened at 83.59 against the dollar, then rose to 83.54, gaining 10 paise from its previous close.

Opens at 83.94 against the greenback, touches 83.93, registering a rise of 2 paise over its previous closing price

Forex traders say strength of dollar in overseas market, elevated crude oil prices weigh on local unit and restrict appreciation bias

Forex Traders Cite Overseas Strength of Dollar, Dampening Investor Sentiment

The unit moved in a range of 83.23 to 83.33 in morning deals.

Apart from demand, it’s the actual traders who make the greenback powerful and most sought-after currency

Brent crude futures, the global oil benchmark, advanced 0.41 per cent to USD 90.02 per barrel.

The US dollar is on track for its eighth consecutive week of gains against a basket of major currencies, marking its strongest performance since the winter of 2014-2015. According to CNN, it has surged by 5% since mid-July.

Indian benchmark indices felt the heat with major corrections seen of around 2.50 per cent in the last two days keeping rupee at lower levels, Jateen Trivedi, VP Research Analyst said

Sustained foreign fund inflows supported the local unit and contained the fall.

An upward movement in crude price also weighed on the local unit, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 82.29 against the dollar, then fell to 82.35, registering a decline of 10 paise over its last close.

Forex traders said the rupee is trading in a narrow range as the support from crude oil prices below USD 80 a barrel was negated by muted domestic equities.