Mumbai: The rupee depreciated 20 paise to close at 88.68 against the US dollar on Thursday, mainly due to a strengthening American currency against major crosses and fading odds of a rate cut by the US Federal Reserve.

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.

At the interbank foreign exchange market, the rupee opened at 88.63, then lost further ground, touching an intra-day low of 88.74. It also hit an intra-day high of 88.62 against the US dollar.

The local currency finally settled at 88.68 against the greenback, down 20 paise from its previous close.

On Wednesday, the rupee appreciated 12 paise to close at 88.48 against the US dollar.

Meanw

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