Mumbai, Aug 18 (IANS): The Indian rupee depreciated nearly 23 paise to close at 79.67 against US dollar following sell-off in global assets which followed in domestic equities and corporate outflows, dealers said.

At Interbank foreign exchange market, rupee ended at 79.67, as against 79.44 close on the previous trading session against US dollar.

"It was largely range bound within the range of 79.58 to 79.70. Overall demand was there by importers and corporate outflows," said CR Forex, MD, Amit Pabari.

By the closing of market trading hours, Brent crude oil prices were trading at $94.83 a barrel in the international market.

The minutes of Fed's July policy showed Fed officials find it appropriate to slow the pace of rate hikes at some point. While most members backed 75 bps rate hike in July, they expressed concerns on overtightening. Additionally, Fed members emphasised the need to gauge the impact of earlier rate hikes on inflation and economic activity.

However, the minutes did not give a clear insight to quantum of rate hike at September/upcoming meetings, the market revised its rate hike expectations for the September meeting.

Meanwhile, Sensex ended 37.87 points or 0.06 per cent up at 60,298.00, and Nifty ended 12.25 points or 0.07 per cent higher at 17,956.50 on Thursday.