Mumbai Jan 25 PTI The rupee on Tuesday depreciated by 16 paise to close at 7476 provisional against the US dollar due to month-end dollar demand from oil importers and a stronger dollar in overseas markets Investors weak appetite for riskier assets also weighed on the rupee Moreover market participants are now eyeing the US Feds meeting outcome for further cues At the interbank foreign exchange market the local currency opened at 7460 against the greenback and witnessed an intra-day high of 7457 and a low of 7480 during the session The rupee finally settled at 7476 down by 16 paise over its previous close of 7460 This is the second straight session of loss for the local unit The rupee has declined by 33 paise against the American currency in two days The dollar index which gauges the greenbacks strength against a basket of six currencies was trading 022 per cent up at 9612 Rupee becomes the worst-performing currency among Asian currencies Even after a sharp rebound in domestic equities forex market traders were uncomfortable to take risk ahead of holiday and the Federal Open Market Committee FOMC meeting said Dilip Parmar Research Analyst HDFC Securities Brent crude futures the global oil benchmark rose 148 per cent to USD 8755 per barrel On the domestic equity market front the BSE Sensex ended 36664 points or 064 per cent higher at 5785815 while the broader NSE Nifty rose by 12885 points or 075 per cent to 1727795 Foreign institutional investors remained net sellers in the capital market on Monday as they offloaded shares worth Rs 375158 crore as per stock exchange data PTI DRR MR MR