MUMBAI: The rupee failed to sustained its recovery and depreciated 8 paise to close at 86.87 (provisional) against the US dollar on Wednesday due to a firm American currency and unending outflow of foreign funds.
According to forex traders, rupee stayed firm initially but lost grounds amid volatile domestic equity markets that also added to the trend of withdrawal by foreign institutional investors.
They said the easing crude oil prices supported the Indian currency at lower level but at the same time the currency markets saw muted participation awaiting cues from the inflation and industrial output data to be released by the government.
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