The rupee had skidded by 16 paise on Tuesday — its third straight session of loss — to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.

The Indian rupee opened at 71.17 per US dollar, a gain of 27 paise over its previous close.

The rupee had skidded by 16 paise on Tuesday — its third straight session of loss — to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.

Concerns over slowing global growth and foreign capital outflows weighed on the local unit, forex traders said.

At the Interbank Foreign Exchange (forex) market, the rupee opened higher at 71.22 but came under selling pressure. It finally finished at 71.44 per dollar, down by 16 paise against its previous close.

The rupee has now lost 41 paise in three days.

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