The rupee depreciated 16 paise to close at 73.03 against the US dollar on Wednesday amid a strengthening greenback overseas. At the interbank forex market, the rupee opened on a weak note at 73.10, and touched an intra-day high of 72.90 and a low of 73.13 against the American currency. It finally finished at 73.03, down 16 paise over its previous close. On Tuesday, the rupee had rallied 73 paise to breach the 73-mark against the US dollar, closing at 72.87. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.26 per cent to 92.58.