Rupee depreciates by 8 paise against US dollar

The Indian rupee depreciated by eight paise to Rs 44.92 against the US dollar in early trade on the Interbank Foreign Exchange on Thursday, tracking dollar gains against other currencies overseas and a weak trend in the equity market.

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

The rupee strengthened by 22 paise to close at Rs 44.84/85 against the US currency in Wednesday's trade on the back of firm equities amid heavy selling of the American currency.

Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by 192.27 points, or 1.03 per cent, to 18,416.54 in opening trade on Thursday.