The Indian rupee opened lower in the early trade on Wednesday. The currency slipped by 15 paise to 63.90 per $ versus 63.75 in Tuesday's session.
Mumbai: The Indian rupee opened lower in the early trade on Wednesday. The currency slipped by 15 paise to 63.90 per $ versus 63.75 in Tuesday's session.
NS Venkatesh of IDBI Bank said, "The rupee gained around 29 paise yesterday and closed at 63.75/dollar on the back of export and custodial flows".
Reserve Bank of India's (RBI) action of not cutting rates helped the rupee to strengthen versus the US dollar on Tuesday.
"Today, the USD-INR is expected to trade in the range of 63.70-63.90/dollar," he added.
The dollar rose as a top US Federal Reserve official voiced support for an interest rate increase in September despite a batch of disappointing data on wages and manufacturing activity.
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