Mumbai, May 19 -- The Indian rupee appreciated 17 paise to settle at 85.40 (provisional) against the US dollar on Monday, on weak US dollar index and a decline in crude oil prices. The dollar index was down almost 1% near 100 mark amid rising concerns on US economic growth. Global investors were cautious as global rating agency Moody's downgraded US investment grade rating, leading to a fall in dollar index. Meanwhile, local shares fell modestly on Monday, with IT stocks leading losses after Moody's downgraded the U.S. credit rating by one notch to Aa1 from Aaa, citing rising levels of government debt and interest payments. The benchmark S&P/BSE Sensex dropped 271 points, or 0.33 percent, to 82,059.42, tracking weak cues from global marke...