Indian rupee depreciated against the US dollar on Wednesday amid recovery in the U.S. Dollar index. Investors overlooked Finance Minister Nirmala Sitharaman’s statement that negotiations for the proposed free trade agreements with the US and European Union (EU) are progressing at a fast pace and would be concluded soon. All efforts are being made to boost exports to achieve the ambitious target of $2 trillion by 2030. On the global front, Japanese yen weakened against other major currencies in the European session on Wednesday amid increased risk-off mood by the investors, as the Iran-Israel ceasefire, announced by U.S. President Donald Trump appears to hold in the Middle East, and Federal Reserve Chair Jerome Powell said 'many paths are possible' for monetary policy, opening the door to an earlier rate cut. 

Finally, the rupee ended at 86.08 (Provisional), depreciated by 03 paise from its previous close of 86.05 on Tuesday. The currency touched a high and low of 86.14 and 85.79 respectively.