Mumbai: The rupee fell 1 paisa to 83.38 against the US dollar in early trade on Wednesday, tracking a stronger American currency against major overseas rivals.

According to forex analysts, a steep fall in crude oil prices from above USD 76 per barrel to the level of USD 73 a barrel provided support, but the Indian currency

was weighed down by the muted trend in equity markets on the back of rising retail inflation in the country.

At the interbank foreign exchange market, the local unit opened at 83.39 and gained slightly to trade at 83.38 against the greenback, down 1 paisa from its previous close.

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