The Indian rupee depreciated eight paise to close at 89.98 against the US dollar on Monday, influenced by persistent foreign fund outflows and a negative trend in domestic equities. Heightened dollar demand from importers also contributed to the pressure. Despite a weaker dollar index and rising crude oil prices, the rupee faced headwinds. Analysts anticipate the USDINR pair to trade within a range of 89.60 to 90.20, with market participants recalibrating portfolios for the new year amid cautiousness.