MUMBAI, Nov 12: The Indian rupee depreciated by 12 paise to close at 88.62 against the US dollar on Wednesday, weighed down by the strength of the American currency and rising global crude oil prices.
The domestic unit traded in a narrow range, touching an intra-day high of 88.56 and a low of 88.66, supported partially by optimism over a potential US-India trade deal and hopes that the US government shutdown could end soon.
The dollar index, which measures the greenback against a basket of six currencies, rose 0.15% to 99.58, reflecting the dollar’s resilience.
Brent crude futures climbed 0.36% to $64.28 per barrel.
Analysts noted an imbalance between dollar demand and supply is pressuring the rupee, though the proposed trade deal could provide support.
On the domestic equity front, markets rallied, with Sensex surging 595 points to 84,466 and Nifty gaining 181 points to 25,876, despite Foreign Institutional Investors selling equities worth Rs 1,750 crore. (PTI)
