Mumbai, Nov 11 (PTI) The rupee appreciated 16 paise to settle at 88.57 (provisional) against the US dollar on Tuesday, amid progress on the US shutdown bill and optimism over the US-India trade deal.

Forex traders said a rebound in domestic equities and optimism over a nearing US trade deal supported the local unit.

However, elevated crude oil prices and foreign fund outflows weighed on investor sentiment.

At the interbank foreign exchange market, the rupee opened at 88.69 against the American currency, touched an intraday high of 88.52 and a low of 88.72 during the day.

The domestic unit finally settled for the day at 88.57 (provisional), higher by 16 paise from its previous close.

On Monday, the rupee had settled at 88.73 against the greenback.

"The rupee gained on Tuesday, on a ri

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