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Reliance Securities Report
The Indian rupee depreciated against the U.S. dollar on Wednesday tracking losses in most Asian peers and on worries over constantly rising oil prices.
The rupee ended at 74.74 against the dollar as compared with 74.65 close in the previous session.
The local unit was weighed down by weak data. India's trade deficit in November widened the most on record to stand at $22.91 billion, as the on-year growth in merchandise imports outpaced that of exports.
Meanwhile, most other Asian shares and currencies were weak on Wednesday and weighed on the local unit. Moreover, elevated crude oil prices, foreign portfolio investment outflows and hawkish U.S. central bank also kept the currency from appreciating further.
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