The Indian Rupee is likely to depreciate on Thursday on strong dollar. Risk aversion in global markets, persistent FII outflows are also likely to weigh on the domestic currency. USDINR pair is expected to trade sideways. In the previous session, the rupee declined to close at its fresh lifetime low of 77.61 against the US dollar amid unabated foreign fund outflows and concerns over aggressive rate hikes by the US Federal Reserve to tame inflation. A stronger greenback in the overseas markets and crude oil prices surging over 1% to USD 113 per barrel also weighed on the local unit. At the interbank foreign exchange market, the rupee opened lower at 77.57 and ended at its all-time low of 77.61, down 17 paise from its previous close.