India, July 16 -- The rupee weakened by 22 paise to 85.98 against the U.S. dollar in early trade on Wednesday, weighed down by rising global crude oil prices and a decline in both exports and imports—signals pointing to a slowing domestic economy.
According to forex traders, foreign portfolio investor (FPI) inflows helped limit deeper losses in the local currency.
At the interbank foreign exchange market, the rupee opened at 86.02 before recovering slightly to trade at 85.98, compared to its previous close.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....