At the interbank foreign exchange, the local unit began at 82.64 against the dollar, then fell further to quote at 82.71, a loss of 12 paise from its previous close.
Digital Desk: The rupee fell 12 paise to 82.71 against the US dollar in early trade on Wednesday, despite a weak trend in domestic markets.
According to forex traders, the rupee opened flat ahead of the US Federal Reserve's much-anticipated monetary policy decision later in the day.
The local unit began at 82.64 versus the dollar on the interbank foreign exchange, then fell further to quote at 82.71, a loss of 12 paise from its previous close.
In early trade, the local currency also reached 82.62 against the US dollar. The rupee closed at 82.59 per dollar on Tuesday.
Sriram Iyer, Senior Research Analyst at Reliance Securities stated, the rupee began the day flat, while Asian and developing market counterparts opened mixed ahead of the US Federal Reserve's monetary policy decision.
With the Fed largely likely to raise interest rates by 75 basis points for the fourth time in a row, the key will be clues from Fed Chair Jerome Powell on the route forward, according to Iyer.
However, crude oil prices have begun to rise, which may limit the local currency's appreciation bias.
According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee began the day flat, while Asian and developing market counterparts opened mixed ahead of the US Federal Reserve's monetary policy decision.
With the Fed largely possible to raise interest rates by 75 basis points for the fourth time in a row, the key will be clues from Fed Chair Jerome Powell on the route forward, according to Iyer.
However, crude oil prices have begun to rise, which may limit the local currency's appreciation bias.
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