Rupee falls 11ps to close at 90.43/$

Mumbai: The rupee depreciated 11paise to 90.43 (provisional) against the US dollar, after a sharp rally in the previous trading session following India-US trade deal announcement, on suspected dollar buying by corporates and importers.

Forex traders said despite the positive sentiment after the India-US trade deal, caution still remains as there is no signed or officially released trade agreement yet -- no framework text or final documentation. At the interbank foreign exchange, the rupee opened at 90.35 and touched an early high of 90.26 and a low of 90.54 against the greenback. The domestic unit finally settled at 90.43 (provisional), down by 11 paise from its previous close.

On Tuesday, the Indian rupee emerged as the best-performing Asian currency, registering a record gain of 117 paise or 1.28 per cent in a single trading session to settle at 90.32 against the US dollar, after India and the US agreed to a trade deal. Indian Rupee dipped on Wednesday, after a sharp rally in the previous session, as investors looked for more clarity on the terms of the India-US trade deal.