<h1>Rupee slips to 88.80 amid risk-off trade, firm dollar, crude gains; IPO inflows and US trade talks may support</h1> The rupee depreciated modestly, closing three paise lower at 88.80 against the US dollar amid risk-off domestic equity moves and a firm dollar index; market drivers included higher crude futures and net foreign institutional equity purchases. Analysts expect the currency to trade in a narrow range, supported by IPO inflows and the prospect of progress in a proposed bilateral trade agreement between India and the US, which could gradually improve sentiment. Government officials indicate ongoing negotiations with a November target for conclusion, though a US government shutdown raises uncertainty about timing, venue and procedural logistics for future negotiation rounds.