The Indian rupee today depreciated by 15 paise to 48.35 against the $ in early trade due to importers' demand for the US currency.

Expectations of more capital inflows by foreign funds as stock markets may extend upward march, also checked fall in Indian rupee to some extent.

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Forex dealers said increased demand from importers and refiners and firming US $ against some other Asian currencies mainly put pressure on the Indian rupee.

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