The Indian rupee on Wednesday depreciated by 33 paise against the US currency in early trade on strong demand from importers for the dollar, which rebounded against other major currencies.
At the Interbank Foreign Exchange (Forex) market, the domestic unit was quoted at 46.44 a dollar, the lowest level since October 12. The rupee had closed at 46.11/12 a dollar in the previous session.
Dealers said increased demand from importers for the US currency mainly put pressure on the Indian rupee.
The US currency bounced back from 14-month lows against major currencies which impacted adversely the rupee sentiment, they added.