The rupee pared its initial losses and settled for the day in the positive territory, up 17 paise at 89.88 (provisional) against the US dollar on Tuesday, as American currency and crude oil prices retreated from their elevated levels.
Forex traders said the weakness of the US dollar in the overseas market, amid expectations of a US Fed rate cut in December, supported the rupee at lower levels.
However, a negative trend in domestic equities and foreign fund outflows weighed on investor sentiment, limiting the local unit's appreciation.
Moreover, investors are in a wait-and-watch mode, and market participants are awaiting clarity from the US Federal Reserve before taking decisive positions.
At the interbank foreign exchange market, the rupee opened at 90.15 against the US dollar, down 10 paise from its previous close.
The domestic unit recovered losses and settled for the day in the positive territory at 89.88 (provisional), up by 17 paise from its last close.
On Monday, the rupee settled at 90.05 against the US dollar. -- PTI
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