The Indian rupee depreciated 34 paise to 73.82 against the US dollar in opening trade on Monday, tracking a strong greenback in the overseas market.

Forex traders said a muted trend in domestic equities also dragged the local unit down.

At the interbank foreign exchange, the rupee opened at 73.82 against the dollar, registering a decline of 34 paise from the last close.

In the previous session on Friday, the rupee had settled at 73.48 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.16 per cent to 93.34.

Foreign institutional investors were net buyers in the capital market on Friday as they purchased shares worth Rs 1,552.59 crore, as per exchange data.

On the domestic equity market front, the 30-share index was trading 49.39 points or 0.08 per cent lower at 58,966.50. Similarly, the broader NSE Nifty was trading 27.35 points or 0.16 per cent down at 17,557.80.

Global oil benchmark Brent crude futures declined 0.88 per cent to USD 74.68 per barrel.