Mumbai: The rupee paired its early gains and settled two paise lower at 83.18 (provisional) against the US dollar on Wednesday, tracking negative cues from domestic equity markets and a stronger American currency overseas.
Softening crude oil prices and some buying by foreign equity investors, however, supported the Indian currency, forex dealers said. At the interbank foreign exchange market, the local unit opened stronger by 8 paise at 83.08 and traded between the peak of 83.08 and the lowest level of 83.19 against the greenback. It finally settled at 83.18 (provisional) against the dollar, registering a loss of 2 paise from its previous close.
On Monday, the rupee closed 4 paise lower at 83.16 against the US dollar. Forex markets were closed on Tuesday on account of Dussehra.
