India, Jan. 14 -- The rupee pared early gains and settled 6 paise lower at 90.29 (provisional) against the US dollar on Wednesday, as a stronger greenback, foreign fund outflows from capital markets, and elevated crude oil prices outweighed the impact of possible central bank intervention.
Forex traders said the rupee is likely to trade with a negative bias amid risk aversion in global markets and ongoing geopolitical tensions. However, rising expectations of a rate cut amid softening inflation, along with any intervention by the Reserve Bank of India, could provide support at lower levels.
At the interbank foreign exchange, the rupee opened at 90.26, touched an intraday high of 89.94 and a low of 90.30 against the greenback. The domestic...