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Selling pressure from foreign equity investors amid strengthening dollar resulted in a negative bias, according to forex traders
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Forex traders said the strength of the American currency in the overseas market further dented investor sentiments
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The rupee depreciated 4 paise to 83.24 against the US dollar in early trade on Wednesday
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Forex traders said muted domestic macroeconomic data and sustained FII outflows also mounted downside pressure on rupee
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The rupee depreciated 17 paise to 83.23 against the US dollar in early trade on Tuesday
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The rupee opened strong at 83.13 against the US dollar and moved in the range of 83.03 to 83.13 against the greenback
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Massive selling of equities by foreign investors and an upward trend in crude oil prices, however, capped the rise of domestic currency
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The indices slumped sharply after the US central bank, while keeping its interest rate steady in the September meeting, hinted that it may again hike rates going ahead if need be, in its fight against inflation.
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Foreign fund outflows and losses in local equities, however, restricted the rupee's gains, forex dealers said.
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As per the data, reserve assets accounted for 64.2 per cent of India's international financial assets at the end of the June quarter.
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The rupee opened flat at 83.22 against the US dollar and later moved in a range of 83.25 to 83.20 in morning deals. It was trading at 83.21 to US dollar at 9.35 am, up by 1 paisa over the previous close.
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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 106.28.
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Weak sentiment in the global equity markets and surging crude oil prices also weighed on the Indian currency, forex traders said.
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Besides, weak equity market sentiment and elevated levels of crude oil prices -- hovering above USD 92 a barrel -- weighed on the domestic currency, forex traders said
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The rupee continued its downward movement for the second straight day and fell by 8 paise to 83.21 against the US dollar
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The rupee depreciated by 16 paise to 83.10 against the US dollar in early trade on Monday
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The rupee appreciated by 38 paise to 82.75 against the US dollar in early trade on Friday, as the inclusion of India in the JPMorgan bond index boosted investor sentiment
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The rupee was also impacted by a rising dollar index, following hawkish comments from US Federal Reserve officials, forex traders said
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Market participants are in a wait-and-watch mode ahead of the Bank of England and Bank of Japan policy decision, he said.
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"The Indian rupee faced pressure due to an advancing dollar index, driven by hawkish remarks from Federal Reserve officials, according to forex traders."
