The rupee fell 3 paise to 95.91 against the US dollar in early trade on Wednesday, facing pressure from a strong American currency and outflow of foreign funds.
Positive domestic equity markets, however, supported the local currency, even as crude oil prices remained elevated amid heightened tension in West Asia, forex traders said.
At the interbank foreign exchange market, the rupee opened at 95.89 against the US dollar and fell further to 95.91, trading 3 paise lower from its previous close.
The rupee settled 34 paise lower at 95.88 against the American currency on Tuesday, after weakening by 113 paise or more than 1 per cent in the preceding five sessions since the closing level of 94.43 recorded on September 4.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 99.38, higher by 0.04 per cent.
The higher dollar index was attributed to market expectations of a hike in interest rate by the US Federal Reserve, whic
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