The rupee depreciated by 24 paise to 62.65 in early trade today at the Interbank Foreign Exchange market on increased dollar demand from banks and importers.
Forex dealers said besides dollar gaining against other currencies in the global markets, increased demand for the American currency from banks and importers and lower opening in the domestic equity market, influenced the rupee.
The local currency had shed 2 paise to close at 62.41 (rpt 62.41) against the dollar in yesterday's trade.
Meanwhile, the BSE benchmark Sensex fell by 54.32 points, or 0.26 per cent, to 20,768.45 in early trade today.