The Indian rupee declined slightly against the U.S. currency on Wednesday amid cash dollar outflows of a large corporate, traders said, while premiums on the local currency declined.
The rupee last traded at 81.8450 per U.S. dollar, compared with Tuesday's close of 81.6650. The local unit was in a narrow 81.75 to 81.8550 range during the session, report agencies.
Rupee premiums declined, with the 1-year implied yield falling to 2.10%, near its lowest level in more than a decade. The 1-year implied is down about 30 basis points so far this month.