Rupee weakens against dollar due to strong American currency, outflow of foreign funds, but cushioned by lower oil prices.

The Indian rupee depreciated 2 paise to 86.40 against the US dollar in early trade on Wednesday, amid outflow of foreign funds and higher international crude oil prices.

India's foreign exchange reserves provide a 95% cover for the nation's outstanding external debt, according to recent data from the Reserve Bank of India (RBI).

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