The Indian rupee depreciated against the US dollar on Monday, closing at 89.98 after opening at 89.95. This decline was attributed to persistent foreign fund outflows and increased dollar demand from importers. Analysts anticipate the USDINR spot price to trade within a range of 89.60 to 90.20, with market participants awaiting US economic data. The dollar index saw a marginal increase, while Brent crude traded higher amid thin year-end trading volumes.