Aranda, also a renowned screenwriter, died in Madrid, Spain, reported BBC.
Due to his refined and personal style, he was one of the most renowned Spanish filmmakers.
He began as a founding member of the Barcelona School of Film and became known for bringing contemporary Spanish novels to life on the big screen.
He was known for exploring difficult social issues and variations on the theme of desire while using the codes of melodrama.
Aranda and actress Victoria Abril worked together on 12 occasions, including "Lovers", his most famous film.
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Born in Barcelona on November 9, 1926, Aranda emigrated to Venezuela where he spent working for US companies, before returning home to pursue a career in film several years.
After failed attempts and a rejection of enrolment in the School of Cinema, lacking high school, he finally made his directorial debut in 1964 with the film "Bright Future".
It was, however, his second production, "Fata Morgana," which earned him great fame and critical response.
Some of his well-received films are "Cambio de Sexo" (1976) ('Sex Change'), "Fanny Pelopaja" (1984) and 1986's "Tiempo de Silencio" ('Time of Silence'), among others.
His latest project was "Luna Caliente," released in 2009, an adaptation of the novel by Argentinean Mempo Giardinelli on the Process of Burgos-a summary trial against several members of the Basque separatist organisation ETA in the Franco era, with which he closed a career of 45 years.