The rupee today depreciated by 12 paise against the dollar in early trade due to demand for the U.S. currency from importers.
At the Interbank Foreign Exchange market, the domestic unit was quoted 12 paise lower at 46.28 a dollar. The rupee had closed higher by 8 paise at 46.16/17 a dollar in the previous session.
Dealers said demand for the dollar from importers weighed on the rupee. Early gains on the equity market, however, capped losses.