The Indian rupee depreciated 16 paise to close at 88.66 (provisional) against the US dollar on Wednesday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices. Indian shares rose notably on Wednesday minimizing losses in the counter. Local equities were boosted amid U.S. shutdown resolution and growing optimism over a potential trade deal with the United States. The benchmark BSE Sensex closed up 595.19 points, or 0.71 percent, at 84,466.51 while the broader NSE Nifty index jumped 180.85 points, or 0.70 percent, to 25,875.80. At the interbank foreign exchange, the rupee opened at 88.61 against the US dollar and touched an intra-day high of 88.56 and a low of 88.66 during the day.

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