Mumbai: The rupee depreciated 22 paise to close at 90.78 against the US dollar on Wednesday, amid increased dollar demand from importers and geopolitical tensions.
Forex traders said the rupee is trading with a slight negative bias amid geopolitical tensions and elevated crude oil prices. Dollar demand from importers may also pressurise the rupee. However, FPI inflows may support the local unit at lower levels.
At the interbank foreign exchange market, the rupee opened at 90.56 against the US dollar, and moved between a low of 90.75 and a high of 90.46 against the greenback in intraday trade.
The rupee eventually settled at 90.78, registering a fall of 22 paise over its previous close.
On Tuesday, the rupee pared initial losses and settled on a positive note, higher by 10 paise at 90.56 against the US dollar.