The Indian rupee pared all gains against the U.S. dollar after gaining on the first day of 2023.
The local currency opened at 82.66 against the U.S. dollar, which was 7 paise higher than Friday's close of 82.73.
In trade, the rupee gained as much as 0.21%, or 17 paise, to 82.56 apiece, according to Bloomberg data. At close, the rupee pared all gains and slipped into losses, ending 1 paisa lower at 82.74.
"The U.S. dollar declined further on Friday amid expectations that the U.S. Fed will slow the pace of interest rate hikes," said ICICI Direct in its daily currency report.
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