Mumbai: The rupee declined by 7paise to close at 83.36 against the US dollar on Wednesday, tracking a strong American currency against major rivals overseas and weak Asian peers. However, a surge in domestic markets and a decline in crude oil prices cushioned the downside, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.33 and touched an intraday low of 83.45 against the greenback.
The local unit finally settled at 83.36 against the dollar, registering a loss of 7paise from its previous close. On Tuesday, the rupee recovered from all-time low levels and appreciated 32paise to close at 83.29 against the US dollar. According to Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas, the Indian rupee depreciated on Wednesday on strong US dollar and importer demand for US dollar. Weak Asian currencies also weighed on the rupee.