The Indian rupee fell 13 paise to 79.91 against the US dollar on Wednesday, driven down by the greenback's overall strength and expectations of an aggressive rate hike by the US Federal Reserve.
The local currency opened at 79.83 and concluded at 79.91, down 13 paise from its previous closing on the interbank foreign exchange market.
The dollar index, which measures the strength of the US currency against a basket of six currencies, dropped 0.19 percent to 106.98.
Brent crude futures lost 0.16 percent to USD 104.23 a barrel, the global oil benchmark. On the Indian share market front, the BSE Sensex finished 547.83 points or 0.99 percent higher at 55,816.32 points, while the broader NSE Nifty gained 157.95 points or 0.96 percent to 16,641.80. According to exchange data, foreign institutional investors continued to be net sellers in the capital market on Tuesday, offloading shares worth Rs 1,548.29 crore.
The International Monetary Fund (IMF) reduced India's growth projection for the fiscal year 2022 by 0.8 percentage points to 7.4 percent, citing "primarily less favourable external conditions and more rapid policy tightening."
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IMF cuts India’s 2022 growth forecast to 7.4 pc