The rupee fell 11 paise to 79.93 against the US dollar in early trade on Wednesday, reflecting the strength of the US currency globally.

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The rupee began at 79.93 against the dollar on the interbank foreign exchange market, down 11 paise from its previous close. In early trades, the local currency reached 79.86 per dollar.

The rupee fell 4 paise against the dollar on Tuesday, closing at 79.82.

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Meanwhile, the dollar index, which measures the strength of the US currency against a basket of six currencies, increased 0.37% to 110.62.

Brent crude futures, the global standard for crude oil, decreased 1.33% to USD 91.60 a barrel.

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According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, RBI keeps selling dollars to curb the rupee fall. “All eyes will be on the European Central Bank (ECB) meeting as a 75 basis points rate hike gets discussed to bring inflation down,” Bhansali said.

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The Sensex was trading 312.13 points, or 0.53%, down at 58,884.86, while the Nifty was down 102.00 points, or 0.58%, at 17,553.60.

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The foreign institutional investors (FIIs) bought shares worth a net Rs 1144.53 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 632.97 crore in the Indian equity market on September 6, as per provisional data available on the NSE. 

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The US markets had ended lower on Tuesday. The S&P 500 fell 16.07 points, or 0.4%, to 3,908.19. The Dow Jones Industrial Average fell 173.14 points, or 0.6%, to 31,145.30. The Nasdaq fell 85.96 points, or 0.7%, to 11,544.91. The Russell 2000 index of smaller companies fell 17.42 points, or 1%, to 1,792.32.