The Indian Rupee started on a cautious note and fell 15 paise to 70.84 against the US dollar in early trade on Wednesday tracking subdued opening in domestic equities.

The US dollar slid in late trading on Tuesday as an inverted US Treasury yield curve sparked general concerns about a slowdown in US economic growth.

Rupee logged biggest single-day jump in last five years after the news of possible relaxations for India in oil norms by the US. The Indian currency surged by 100 paisa to close at Rs 72.45 against US dollar.

Indian Rupee has depreciated significantly against the US dollar; on Monday it plunged down to 72.67, losing 94 paise from the previous closing mark. With continuous decrease, the effect can mainly be seen on the oil prices, resulting in hike fuel cost in the country.

With the rupee plunging to its lowest-ever level of 70.08 against the US dollar, Congress President Rahul Gandhi on Tuesday took a jibe at Prime Minister Narendra Modi saying the national currency has given a "no-confidence to the Supreme leader".

Fears over a rise in global protectionist measures, along with a strong US economy, dragged the Indian rupee to a fresh intra-day low of over 70 against the US dollar on Tuesday before recovering by a fraction at Rs 69.98.

The US dollar index decreased against most other major currencies as investors monitored the latest development of US-China trade conflicts. In late New York trading on Wednesday, the euro increased to $1.1618 from $1.1594 in the previous session, and the British pound was down to $1.2892 from $1.2935 in the previous session, Xinhua news agency reported.

The US dollar climbed on Friday after a four-day losing streak as investors became cautious amid what is expected to be a contentious Group of Seven (G7) summit.

The US dollar fell against most major currencies as investors were digesting the latest economic data.

US dollar saw a sharp decline on Wednesday following the rate hike by the Federal Reserve which raised its benchmark interest rate for the second time in three months.