Concerns over fresh trade tensions between the EU and the US, rising Covid-19 cases and India-China border tension further weighed on sentiment.
The domestic unit opened the day at 75.75 per dollar against the previous close of 75.72. Rupee consolidated in a narrow range of 75.60 and 75.80 on Wednesday.
On the domestic front, no major economic data is expected to be released but market participants will be awaiting the US final GDP number that will be released in today’s session.
The pound came under pressure against the US dollar after reports that the United States is reviewing tariffs on European products that could curb global risk appetite. The expectation is that the US is considering tariffs on $3.1 billion of exports from Britain, France, Germany and Spain. The currency extended losses after EU’s chief negotiator said a deal was possible, but Britain needs to give clear signals it is ready to work towards one.