The rupee depreciated by 27 paise to close at nearly three-week low of 73.95 against the US dollar on Wednesday as the American currency strengthened against major global currencies overseas amid steady capital outflows.
After opening lower at 73.91, the rupee had plunged to the day’s low of 74.14 as investors turned nervous over reports of rift between the RBI and the government.
However, the rupee pared some of its losses to reach the day’s high of 73.79. The rupee finally settled down by 27 paise or 0.37 per cent at 73.95, a level not seen since October 11.
The rupee on Tuesday had also depreciated 23 paise to close at 73.68 against the dollar.