Rupee weakens by 16 paise on Asian cues

The Indian rupee depreciated by 16 paise against $ in early trade today taking cue from weak Asian currencies and expectations of capital outflow by foreign funds in the domestic equities which are likely to open in the negative.

At the Interbank Foreign Exchange (forex) market, the domestic currency gained 16 paise to quote at 47.77 over Friday's close of 47.61/62.

The local unit had ended flat on Friday.

Forex dealers said a strong greenback against a basket of Asian currencies and a negative outlook for the markets, which may follow suit from weak Asian bourses, weighed on the rupee sentiment.