The rupee today depreciated by 22 paise to 53.44 against the dollar in early trade on the Interbank Foreign Exchange on fresh demand for the US currency.
Forex dealers said strong foreign fund flows and dollar's gain against other currencies overseas, capped rupee's fall to some extent.
However, a higher opening in the equity market, covered the rupee's losses, they said.
The rupee had ended six paise lower at 53.
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