Mumbai, June 3: The rupee depreciated 40 paise to close at 95.76 against the US dollar on Wednesday, after the US Trade Representative proposed a 12.5 per cent additional duties on Indian imports, citing labour violations. Forex traders said strong dollar demand, surging crude oil prices, geopolitical tensions, and relentless foreign capital outflows dented investor sentiment further.
At the interbank foreign exchange market, the rupee opened at 95.43 against the US dollar, then touched an intraday low of 95.80 and finally ended the session at 95.76, down 40 paise from its previous close.
On Tuesday, the rupee depreciated 17 paise to close at 95.36 against the US dollar.
Forex traders said the US Trade Representative’s action, amid fresh hostilities and stalled talks between the US and Iran, weighed on investor sentiment. (PTI)
