Currency watch: Rupee sinks 47 paise to close at 88.69 against dollar; Fed’s hawkish tone, weak markets weigh on sentiment

The rupee depreciated by 47 paise to 88.69 against the US dollar on Thursday, influenced by a stronger greenback, weak domestic equities, and hawkish US Federal Reserve commentary. Month-end dollar demand from oil companies and foreign fund outflows further pressured the local unit, though falling crude prices may offer some support.