Rising oil price, USD weighing on Re

New Delhi: The rupee depreciated by two paise to close at 82.97 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency overseas.

However, a positive trend in domestic markets and upbeat macroeconomic data from India cushioned the downside for the local unit, forex traders said. At the interbank foreign exchange market, the local unit opened at 82.92 against the US dollar and moved in a range of 82.89 and 82.99. The rupee finally settled at 82.97 (provisional) against the US dollar, down 2 paise from its previous close. On Tuesday, the rupee closed at 82.95 against the US currency.