MARKET WATCH: On Wednesday, the Indian rupee lost 18 paise to settle at 81.85  against the US dollar on dollar demand from importers and recovery in crude oil prices.

Forex traders claimed that ongoing withdrawals of foreign funds and concerns over an increase in COVID-19 cases in China also dampened investor mood.

At the interbank foreign exchange (FOREX) market, the Indian rupee opened at 81.81 and later moved to an intraday high of 81.74 and a low of 81.87 during the session.

The native currency ultimately lost 18 paise from its previous level of 81.67 to conclude at 81.85 against the US dollar.
The weak US dollar and the robust domestic markets, however, mitigated the negative effects. On Tuesday, the US dollar fell amid expectations that the Federal reserve would slow the rate hike cycle.

The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, decreased 0.21 percent to 106.99.

Benchmark Brent crude futures increased by 0.91 percent to USD 89,16/barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs 697.83 crore on Tuesday, making them net sellers in the capital markets.

On the Indian share market front, the 30-share BSE Sensex rose 91.62 points or 0.15 percent to close at 61,510.58 on the domestic equities market, while the larger NSE Nifty increased 23.05 points or 0.13 percent to close at 18,267.25.

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