Rupee declined by 8 paise to 82.75 against the US dollar 

The rupee fell 8 paise to 82.75 vs the US dollar on Wednesday, its third consecutive session of fall, as severe selling pressure in domestic markets and a strong greenback overseas dampened mood. However, forex traders claimed that the continuous inflow of foreign cash and the sharp reduction in crude prices limited the slide in the local unit. The dollar was trading at 104 as a positive development on the US debt ceiling bill increased investor confidence. On the domestic front, traders were anticipating the publication of annual GDP statistics later in the day. The domestic unit began at 82.71 versus the dollar on the interbank foreign exchange.

The currency traded between 82.76 and 82.64 during the day. The currency finally closed at 82.75 per dollar, down 8 paise from its previous closing. The rupee finished at 82.67 versus the US dollar on Tuesday. For the past three sessions, the currency has been falling. Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, increased 0.34 percent to 104.54. The global oil benchmark, Brent crude futures, slid 1.69 percent to USD 72.30 a barrel. The 30-share BSE Sensex fell 346.89 points, or 0.55 percent, to 62,622.24 in the domestic equity market. The NSE Nifty dropped 99.45 points, or 0.53 percent, to 18,534.40. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 3,405.90 crore, according to exchange data.