Rupee depreciates by 22 paise in early trade

The Indian rupee today depreciated by 22 paise to 48.02 against the US dollar in early trade on expectations of more capital outflows and dollar demand from importers.

Dollar's gains against other currencies too weighed on the Indian rupee.

At the Interbank Foreign Exchange (forex) market, the domestic currency turned somewhat weak and fell by 22 paise to 48.02 a dollar, over the previous close. The rupee had gained 3.50 paisa at 47.8050/8150 against the US currency in yesterday's trade.

Forex dealers said hopes of more capital inflows by foreign funds as stock markets are ruling weak on monsoon concerns and firmness in dollar against other currencies led to the fall in the local unit.