Rupee falls 5 paise to 82.85 against dollar

The rupee declined by 5 paise to settle at 82.85 against the US dollar on Wednesday, tracking a broad-based selloff in domestic markets.

Forex traders said the rupee is likely to trade with a slightly negative bias on recovery in the greenback and concerns over elevated crude oil prices.

At the interbank foreign exchange market, the local unit opened at 82.82 and witnessed an intra-day low of 82.91 and a high of 82.82 against the greenback during the trading session.

The local unit finally settled at 82.85 against the dollar, registering a loss of 5 paise from its previous close.

On Tuesday, the rupee consolidated in a narrow range and closed 5 paise lower at 82.80 against the US dollar.