The Indian rupee closed little changed against the US dollar on Wednesday, aided by intervention by the Reserve Bank of India amid continued overseas fund outflows from domestic stocks.
The local currency ended trading at Rs 84.086, compared to the previous day's close of Rs 84.075, according to Bloomberg data.
The rupee has been consolidating in a small range for the last one week in the Rs 84.08-84.06 level, according to Nirmal Bang Securities.
"Investors have been selling yen and Indian shares and taking shelter in cash or gold ahead of US elections that could shake out global money and trade flows," said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.
The dollar index, which tracks the greenback's relative performance against six major currencies, traded 0.2% lower at 104.03. The dollar pulled back from elevated levels on Wednesday, pausing its recent rally ahead of the release of key US macro data that could impact expectations for future interest rate cuts.
The Japanese yen gained 0.2% to 153.12, with the pair retreating after nearly reaching 154 in overnight trade.
The US 10-year bond yield slipped five basis points to 4.22%. Brent oil jumped nearly 1% to $71.4 per barrel.
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