Rupee trades marginally higher by 1 paise at 84.07 against US dollar

The rupee stayed astir flat, trading 1 paisa higher astatine 84.07 against the US dollar successful aboriginal commercialized connected Wednesday, dragged down by strengthening American currency and relentless outflow of overseas funds.

Forex traders said a downward inclination successful home equity markets and elevated level of crude lipid prices prevented a betterment successful the Indian currency.

At the interbank overseas exchange, the rupee opened 1 paisa higher astatine 84.07 against the greenback and traded connected a level enactment successful aboriginal deals.

On Tuesday, the rupee settled 1 paisa little astatine 84.08 against the US dollar.

The section currency has been struggling to retrieve since October 11, erstwhile it closed astatine its lowest level of 84.10 against the dollar.

According to analysts, the rupee has been nether unit owed to the continuous selling of Indian equities by FIIs successful pursuit of amended gains from the Chinese market.

Also, they said, a surge successful the US treasury yields raised concerns that the Federal Reserve whitethorn slowdown its complaint chopped move, steering investors towards safe-haven assets.

Meanwhile, the dollar index, which gauges the greenback's spot against a handbasket of six currencies, roseate by 0.06 per cent to 103.97.

Brent crude, the planetary benchmark, fell 0.22 per cent to USD 75.87 per tube successful futures trade.

On the home equity marketplace front, Sensex declined 96.34 points, oregon 0.12 per cent, to 80,124.38 points. The Nifty besides fell 32.95 points, oregon 0.13 per cent, to 24,439.15 points. Both the indices tumbled much than 1 per cent connected Tuesday.

Foreign organization investors (FIIs) were nett sellers successful the superior markets connected Tuesday, arsenic they offloaded shares worthy Rs 3,978.61 crore, according to speech data.