The rupee depreciated by 20 paise to settle at 73.58 against the US dollar on Tuesday due to forex outflows and a stronger greenback in the global markets.
At the interbank forex market, the rupee opened on a weak note at 73.50 and fell further to a low of 73.64 as stock markets continued to fall for the fourth straight day.
Renewed growth concerns following resurgence of coronavirus cases in Europe and subsequent restrictions weighed on investor sentiment, dealers said.