The Indian rupee Wednesday snapped its three-day losing streak and settled higher by 11 paise at 71.33 against the US dollar on increased selling of the American currency by exporters and banks.

Besides, the rupee upmove was supported by weaker greenback against its major rivals, although intense selling in domestic equities impacted traders sentiment, capping gains in the domestic currency value. At the Interbank Foreign Exchange Wednesday, the rupee opened on a firm note at 71.19. It gained further to hit a high of 71.15 following dollar selling by exporters, before finally closing at 71.33, up 11 paise over its last close.

Forex traders attributed the US dollar slide to renewed concerns over ongoing US-China trade tiff which experts believe dragging the global economy towards a major financial meltdown.

Indian equity benchmark Sensex Wednesday sank over 336 points to end at 36,108.47 in choppy trade, tracking tepid sentiment globally.Meanwhile, Brent crude, the global oil benchmark, was trading at USD 61.97 per barrel, up by 0.81 per cent.

Meanwhile, foreign portfolio investors sold shares worth a net of Rs 78.53 crore, and domestic institutional investors were sellers to the tune of Rs 84.15 crore Tuesday, provisional data showed.