India, Feb. 4 -- The rupee weakened by 22 paise to 90.54 against the US dollar in early trade on Wednesday, retreating after a sharp rally triggered by optimism around the India–US trade deal.
Forex market participants attributed the decline to suspected dollar buying by corporates and importers, which put pressure on the local currency despite the earlier positive momentum.
Traders noted that caution persists as the trade agreement has not yet been formally signed or released, with no official framework or final documentation available.
At the interbank foreign exchange market, the rupee opened at 90.35 per dollar but later slipped to 90.54, marking a 22-paise loss compared to its previous close.
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