Mumbai: The Indian rupee weakened by 3 paise to ₹95.91 per US dollar in early trade on Wednesday, September 16. The rupee had closed at ₹95.88 per dollar on Tuesday.

According to market experts, the rupee remains under pressure due to strength in the US dollar and selling by foreign investors. At the same time, early gains in the domestic stock market provided some support to the rupee.

Meanwhile, high crude oil prices are also posing a challenge for the Indian currency. On Wednesday, Brent crude was trading at around $108 per barrel. Expensive oil could increase pressure on India's import bill.

Foreign institutional investors made a net withdrawal of around ₹2,977.86 crore from the Indian stock market on Tuesday. The market is now also watching the US Federal Reserve's decision regarding interest rates.

Amid the recent weakness in the rupee, the possibility of intervention by the Reserve Bank of India in the market is also being discussed. According to Reuters, traders have indicated the possibility of the RBI supporting the rupee through dollar sales.