Mumbai, July 22 -- The Indian rupee depreciated by 34 paise to close at 96.59 (provisional) against the US dollar on Wednesday, weighed down by surging crude oil prices and heightened geopolitical uncertainty. Risk aversion in global markets and a negative trend in domestic equities further dented investor sentiments. Local shares fell sharply to extend losses for a third straight session as escalating Middle East tensions as well as tariff worries sapped investors' appetite for risk. The NSE Nifty 50 dropped 191.45 points (0.79%) to finish at 23,996.25, sliding beneath the key psychological support level of 24,000. Concurrently, the BSE Sensex plunged 715.06 points (0.92%) to settle at 76,755.05. Meanwhile, at the interbank foreign excha...