The Indian rupee today depreciated by 18 paise to 49.98 against the US currency in early trade on increased month-end dollar demand from importers and expectations of capital outflows by funds.

At the Interbank Foreign Exchange (Forex) market, the local unit, which surged 12 paise to 49.80/81 against the $ on Friday, fell by 18 paise to 49.98 a $.

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