Though Korea's Ki Bo Bae eventually triumphed in the women's recurve event, it was Deepika who looked like the favourite after the first two sets.
The World No 2 won the first set 26-23 and the second 27-25 before her opponent staged a stunning comeback to restore parity. The respective scores in the third and fourth sets were 28-24 and 26-23 in Ki Bo Bae's favour.
In the fifth set, Deepika again grabbed the initiative by hitting two consecutive 9s. The Korean archer was one point behind at this stage. However, Deepika hit just 7 in the last arrow even as the World No 1 and double Olympic champion hit a 9. This meant Ki Bo Bae won the decider 26-25.
Earlier, Deepika defeated American archer Jennifer Nichols in the semi final. The scores were 28-24, 25-26, 26-25 and 28-27.