The Indian rupee opened on a steady note but soon fell by 2 paise to 84.07 against the US dollar during early trading on Wednesday. This decline is attributed to ongoing foreign fund outflows and a lacklustre performance in domestic equities.

Forex traders noted that the strength of the American currency in global markets has dampened investor sentiment, although easing crude oil prices and potential intervention from the Reserve Bank of India (RBI) might provide some support to the rupee at lower levels. In the interbank foreign exchange market, the rupee started at 84.06 against the dollar. However, it quickly slipped to 84.07, which marks a decline of 2 paise from its previous close of 84.05.