The Indian rupee depreciated 16 paise to close at Rs 95.24 (provisional) against the US dollar on Thursday, weighed down by a modest recovery in the US Dollar Index, higher US Treasury yields and foreign fund outflows.
The domestic currency opened at Rs 95.13 against the greenback and traded in the Rs 95.12–95.24 range during the session before settling at Rs 95.24, compared with its previous close of Rs 95.08.
Forex traders said that while easing crude oil prices provided some support to the rupee, gains in the US dollar and persistent foreign institutional outflows kept the domestic currency under pressure.