The rupee declined by 8 paise to settle at 83.18 against the US dollar on Tuesday due to dollar buying by importers amid lingering worries over oil supplies through the Red Sea route.
Forex traders said that positive sentiment in the stock market, a weak greenback against major currencies overseas and steady crude oil prices restricted losses in the local currency.
At the interbank foreign exchange market, the local unit opened flat at 83.10 against the greenback and traded between the peak of 83.09 and the lowest level of 83.22. It finally settled at 83.18, registering a loss of 8 paise over its previous close.
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