Snapping its three-day gaining streak, the rupee declined by 16 paise to close at 86.95 against the US dollar on Wednesday due to a firm American currency and unending outflow of foreign funds.
According to forex traders, the rupee traded firm initially but lost grounds amid volatile domestic equity markets.
The rupee opened strong amid easing crude oil prices and hit the day's high of 86.36 to a dollar. The unit lost momentum later due to losses in stock markets and FPI outlfows and hit a low of 86.95 against the greenback.
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