India, July 3 -- The rupee pared initial gains and settled for the day on a negative note, lower by 18 paise at 95.34 (provisional) against the US dollar on Thursday, as the support from easing crude oil prices was negated by robust dollar demand from importers and corporate hedgers.

Forex traders said the Indian rupee opened higher on an overnight decline in the US dollar following less hawkish comments from Fed Chair Kevin Warsh and a fall in crude oil prices. However, the rupee lost its initial gains on FII outflows and dollar demand from hedgers. At the interbank foreign exchange market, the rupee opened at 94.95 against the American currency and traded in a range of 94.90-95.40 during the session.

The rupee finally closed at 95.34 ...