The Indian currency gave up its early gains due to higher dollar demand.

Earlier this month, rupee had touched a record high of 83.18 against the dollar.

The investors’ dim outlook on China and also on the overall global economy has impacted the rupee.

Rupee’s fate will also depend on the crucial Federal Reserve meeting on November 2, market watchers said.

In addition to this, the ECB’s soft comments drove market views that central banks will likely moderate the pace of monetary tightening.

This was more so, after the Bank of Canada surprisingly announced a smaller-than-expected rate hike.

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