Indian rupee depreciated against the US dollar on Wednesday tracking a negative trend in domestic equities and sustained foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,760.08 crore on Tuesday, according to exchange data. Traders overlooked reports that the Asian Development Bank (ADB) in its latest Asian Development Outlook has upgraded India’s growth projection by 0.7 percentage points to 7.2% for fiscal year ending March 2026 from 6.5% projected in September release. On the global front, New Zealand dollar weakened against other major currencies in the Asian session on Wednesday amid increased risk-off mood, as traders are reluctant to make significant moves ahead of the U.S. Fed's monetary policy announcement later in the day. 

Finally, the rupee ended at 90.00 (Provisional), depreciated by 12 paise from its previous close of 89.88 on Tuesday. The currency touched a high and low of 90.10 and 89.76 respectively.