Rupee trades almost flat with 1 paisa lower at ₹87.22 against US dollar

The rupee turned almost flat and traded with a marginal loss of 1 paisa at ₹87.22 against the US dollar in early trade on Wednesday amid volatile sentiment due to uncertainties over trade tariff.

At the interbank foreign exchange, the rupee opened at ₹87.24, tumbled to ₹87.32 and then gained to ₹87.22 against the greenback in early deals, trading 1 paisa lower from its previous closing level.

The rupee ended 10 paise higher at ₹87.21 against the dollar on Tuesday, a day after losing 36 paise.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.07% at 103.55.

Brent crude, the global oil benchmark, traded 0.66% higher at US 70.02 per barrel in futures trade.

Domestic equity market traded on a flat note with the 30-share BSE Sensex falling marginally by 0.28 points to 74,102.04 points and the broader Nifty sliding 10.70 points, or 0.05%, to 22,487.20 points.

Foreign institutional investors (FIIs) offloaded equities worth ₹2,823.76 crore on a net basis on Tuesday, according to exchange data.

According to experts, the uncertainties over tariff moves intensified after President Donald Trump said the US would double the forthcoming levy on steel and aluminium to 50%. if they come from Canada but later hinted that he might reconsider the additional hike.