MUMBAI: The rupee depreciated 16 paise to 90.11 against the US dollar in early trade on Monday, weighed down by elevated crude oil prices and persistent foreign fund outflows.

Forex traders said strong dollar demand from corporates, importers and foreign portfolio investors pressurised the rupee.

At the interbank foreign exchange, the rupee opened at 90.07 against the US dollar then dropped to 90.11, down 16 paise from its previous close.

On Friday, the rupee settled at 89.95 against the US dollar, after the Reserve Bank of India cut the key policy interest rate for the first time in six months.

Forex traders said investors' focus has now shifted to the Fed’s policy outcome on December 9–10. Markets are placing nearly a 90 per cent probability on a rate cut next week.

Meanwhile, Indi

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