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Losses in domestic stock markets and uncertainty ahead of US presidential election weighed on the investor sentiment, traders said.

The rupee depreciated 16 paise and settled at 73.87 against the US dollar on Wednesday as heavy selling in the domestic equity market.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.41 per cent to 93.31.

On the equity market front, BSE index Sensex was trading 11.80 points higher at 40,157.30, and the broader NSE Nifty advanced 20.55 points to 11,788.30.

Most of the Asian currencies have started marginally weak against the US dollar this morning and could weigh on sentiments.

On the domestic equity market front, the BSE benchmark Sensex was trading 160.58 points higher at 39,888.99, and the broader NSE Nifty rose 45.75 points to 11,726.10.

"Rising number of COVID-19 cases is prompting worries about a new wave of lockdowns in Europe and hopes from US stimulus spending are fading", Reliance Securities said in a research note.