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The Indian rupee struggled to build on its upward momentum on Friday, on dollar demand from oil companies and other importers, and the Federal Reserve's wariness over cutting interest rates early.
Markets News: The rupee depreciated 4 paise to 83.15 against the US dollar in the morning session on Monday, amid elevated crude oil prices and dollar demand from importers.
The dollar index was lower at 103.25 while most Asian currencies gained. The Japanese yen was up nearly 0.2% after the Bank of Japan maintained its ultra-easy monetary settings on Tuesday but gave hints that the policy might be tweaked at its next meeting.
India Business News: The rupee started the new year on a weak note, depreciating by 6 paise to 83.22 against the US dollar amid a muted trend in domestic equities and doll
Equity-related outflows were another headwind for the rupee, said Dilip Parmar, a foreign exchange research analyst at HDFC Securities. Overseas investors have sold over $1.19 billion worth of Indian equities in October so far, according to NSDL data.