New Delhi, Nov. 29 -- The Indian rupee, which has been under pressure for a host of reasons, is unlikely to depreciate further in the near term, Union Bank of India said in a report, providing a rationale that the rupee has already weakened by roughly 4 per cent this year.

"Given that the rupee has already weakened by roughly 4 per cent this year, we do not expect significant further depreciation in the near term," the report read.

The Indian rupee vis-a-vis the US dollar is currently trading in a tight range, under pressure from a mix of domestic strength and external challenges, including US tariffs and persistent capital outflows.

The currency has weakened 4 per cent since the start of 2025, touching a record low near 89.4950 recent...