The rupee depreciated 18 paise to 65.13 against the dollar at the Interbank Foreign Exchange in early trade today on buying of the US currency by importers.
The dollar was firm against major global currencies which dampened rupee sentiment, dealers said.
The rupee also fell due to fresh demand for the dollar from importers, but a higher opening in equity markets capped the losses, they added.
Yesterday, the rupee recuperated by 46 paise to close at an eight-week high of 64.95 against the US dollar on fresh selling of the American currency by banks and exporters on persistent foreign capital inflows into domestic equities.
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