Mumbai, Dec 9 (PTI) The rupee pared its initial losses and settled for the day in the positive territory, up 18 paise at 89.87 against the US dollar on Tuesday, as American currency and crude oil prices retreated from their elevated levels.

Forex traders said the weakness of the US dollar in the overseas market, amid expectations of a rate cut by the US Federal Reserve in December, supported the rupee at lower levels.

However, a negative trend in domestic equities and foreign fund outflows weighed on investor sentiment, limiting the local unit’s appreciation.

Moreover, investors are in a wait-and-watch mode, and market participants are awaiting clarity from the Fed before taking decisive positions.

At the interbank foreign exchange market, the rupee opened at 90.15 against the US dolla

See Full Page