India, July 23 -- The 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. Forex traders said risk aversion in global markets and a negative trend in domestic equities further dented investor sentiments.

At the interbank foreign exchange, the rupee opened at 96.36 against the US dollar and traded in the range of 96.25 to 96.57 during the day. The domestic unit finally settled at 96.59 (provisional), lower by 34 paise from its previous close. On Tuesday, the rupee had settled higher by 11 paise at 96.25 against the American currency. "Following a brief rally on Tuesday, the Indian rupee faces downward pressure ami...