Mumbai: The rupee depreciated 23 paise to close at 88.71 (provisional) against the US dollar on Thursday, on broad strength of the American currency 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, following the October cut.

At the interbank foreign exchange market, the rupee opened at 88.63, then lost 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 for the day at 88.71 (provisional) against the greenback, down 23 paise from its previous close. Read Also US President Donald Trump Supports Legal Migrati

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