The Indian rupee depreciated slightly against the US dollar on Thursday due to surging crude oil prices, geopolitical concerns, and continued foreign fund outflows from Indian markets. According to exchange data, foreign institutional investors (FIIs) sold equities worth RS 4,533.49 crore on Wednesday.

However, the rupee’s decline was somewhat cushioned by strong domestic equity markets, as lower-than-expected US CPI data raised hopes of a possible rate cut by the US Federal Reserve this quarter. Additionally, intervention by the Reserve Bank of India (RBI) helped stabilize the currency.

The partially convertible rupee is trading at 86.49, down by 9 paise from its previous close of 86.40 on Wednesday. During the session, it recorded a high and low of 86.49 and 86.40, respectively.