Forex update: Rupee snaps two-day gains, ends 3 paise down against US dollar

The rupee on Wednesday snapped a two-day gaining streak to fall by three paise and end at 61.91 against the Greenback on fresh US dollar demand from importers.

At the Interbank Foreign Exchange (Forex) market, the rupee resumed stable at its Tuesday's closing level of 61.88 a dollar.

Initially, the local currency weakened as the US dollar rallied against the basket of currencies on upbeat data. Most Asian currencies were weak against the American unit, said Suresh Nair, Director, Admisi Forex India Pvt Ltd.

The rupee was trapped in a narrow range of 61.84 and 61.95 before settling at 61.91, logging a fall of three paise or 0.05 per cent. The domestic currency ended flat against the dollar.

The rupee had gained 15 paise in its previous two trading sessions.

Meanwhile, the benchmark Bombay Stock Exchange (BSE) index Sensex on Wednesday finished almost flat at 28,442.71 from Tuesday's close of 28444.01.

Foreign portfolio investors (FPIs)/ foreign institutional investors (FIIs) picked up shares worth US $21.16 million on Tuesday, as per data released by the Securities and Exchange Board of India (Sebi).