Weakening of the US dollar vis-a-vis other currencies and easing crude oil prices restricted the fall, forex brokers said.
Foreign currency, which accounts for 93 per cent of the forex reserves, grew from $442 billion to $568 billion during the pandemicbetween April 2020 and July 2021. DC Image
Mumbai: Snapping its three-session winning streak, the Indian rupee declined 28 paise on Wednesday to close at 70.97 against the US dollar.
However, weakening of the US dollar vis-a-vis other currencies overseas and easing crude oil prices restricted the fall, forex brokers said.
At the interbank foreign exchange market, the rupee opened at 70.80 and fell to 71.01 against the US dollar intra-day. The local unit finally settled at 70.97, down 28 paise over its previous closing.
The Indian rupee had closed at 70.69 against the US dollar on Tuesday.
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