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The rupee declined by 29 paise to close at 71.77 against the US dollar on Wednesday as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese yen.
Rising crude oil prices and weakness in the equity market put further pressure on the domestic currency, forex dealers said.
At the interbank foreign exchange market, the rupee opened at 71.50 a dollar and went on to touch the day’s low of 71.87. It finally pared some losses to settle at 71.77, down by 29 paise against its previous close.
On Tuesday, the rupee had zoomed 54 paise to finish at 71.48.
Read also: Economic headwinds pull rupee’s resilience in August
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