The rupee depreciated by 7 paise to Rs. 44.84 against the US dollar in early trade on the Interbank Foreign Exchange on Thursday, tracking dollar gains against the euro and other currencies overseas and a lower opening in the equity market.

Forex dealers said dollar strength against the euro and Asian currencies overseas and a weak start in the stock market mainly put pressure on the rupee.

The rupee ended 4 paise lower at Rs. 44.77/78 against the US currency in Wednesday’s trade on fresh demand from banks and importers.

More In: Business | Markets