The rupee depreciated by 18 paise to 88.66 against the US dollar on Thursday (November 20), 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 paise over its previous close.

On Wednesday (November 19), the rupee appreciated 12 paise to close at 88.48 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.03 per cent to 100.25.

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