Mumbai: The Indian rupee depreciated by 12 paise to Rs 45.11 against the US dollar in early trade on the Interbank Foreign Exchange Monday, tracking dollar gains against other currencies overseas. However, gains in the stock market capped the losses. Forex dealers said dollar strength against the euro and other Asian currencies overseas mainly put pressure on the rupee. The rupee weakened by 4 paise to close at Rs 44.99/45.00 against the US currency on Friday on sustained dollar demand from importers. Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 181.76 points to 18,422.44 at 1015 hours (IST) after declining by over 28 points in opening trade.