Indian rupee depreciated against the US dollar on Wednesday weighed down by the strength of the American currency in the overseas market and elevated crude oil prices. Traders overlooked the report that net direct tax collection has recorded a 7 per cent growth year-on-year at over Rs 12.92 lakh crore till November 10 this fiscal year, on higher corporate tax mop-up and slower refunds. It was about Rs 12.08 lakh crore in the year-ago period. Besides, India Ratings & Research (Ind-Ra) has projected India's GDP to grow at 7.2 per cent in the second quarter of the current fiscal, with private consumption being the leading growth driver. On the global front, Japanese yen weakened against other major currencies in the Asian session, as Japan's Prime Minister Sanae Takaichi signals a looser fiscal target and calls for caution in the Bank of Japan (BoJ) rate hike. 

Finally, the rupee ended at 88.62 (Provisional), depreciated by 12 paise from its previous close of 88.50 on Tuesday. The currency touched a high and low of 88.66 and 88.56 respectively.