Rupee depreciates by 16 paise

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Mumbai: The Indian rupee fell by 16 paise to Rs 44.63 per US dollar in early trade on the Interbank Foreign Exchange Tuesday amid dollar gains against the euro and other currencies overseas and a weak trend in the equity market.

Forex dealers said dollar strength against the euro on lingering concerns over the euro debt crisis and a lower opening in the stock market mainly put pressure on the rupee.

The rupee closed 14 paise lower at Rs 44.47/48 against the US currency in the previous session amid weakness in equities.

Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by 261.27 points, or 1.39 per cent, to 18,460.12 in opening trade Tuesday.

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