The rupee weakened by 18 paise to 88.66 against the US dollar on Thursday as the greenback gained on hawkish Fed minutes. Positive India-US trade signals, lower crude prices and firm equities capped losses, with forex analysts expecting stronger rupee momentum ahead.

Mumbai: The rupee depreciated by 18 paise to 88.66 against the US dollar on Thursday, as the US dollar’s recovery capped the domestic unit’s upside.

Forex traders said the dollar has staged a rally, moving above the 100 level, after the US Federal Reserve minutes indicated that most officials were opposed to a rate cut in December, following the October cut.

At the interbank foreign exchange market, the rupee opened at 88.63, then lost ground and touched a low of 88.66 against the US dollar, registering a decline of 18 p

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