In early trade, the rupee and the dollar move in a limited range.
Forex dealers claimed that the local currency's gains were restricted by the strong US dollar and high crude oil prices.
Mumbai: In early trade on Wednesday, the rupee saw range-bound movement against the US dollar and dropped 3 paise as local equities continued to decline.
The strength of the US dollar in international trade and rising crude oil prices, according to forex traders, also put pressure on the local currency and limited the advance.
The local unit depreciated 3 paise from its previous closing level at the interbank foreign exchange market, where it opened at 83.45 and lost more ground to trade at 83.46 versus the US dollar in early trades.
The rupee gained 4 paise versus the US dollar on Tuesday, closing at 83.46.
Tuesday's opening flat and closing higher for the Indian rupee came amid most Asian currencies that were expected to weaken. The Rupee is anticipated to stay between 83.35 and 83.55, with importers buying dips, according to Anil Kumar Bhansali, Executive Director of Finrex Treasury Advisors LLP and Head of Treasury.
The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was trading slightly higher by 0.05 percent at
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