The rupee depreciated by 7 paise to 64.57 against the US dollar in early trade today at the interbank foreign exchange on month-end demand for the American unit from importers and banks.
However, weakness in the US dollar against some currencies in the global market limited the rupee fall, brokers said.
Yesterday, the rupee had gained 20 paise to end at a fresh two-month high of 64.50 against the dollar even as S&P kept India's credit rating unchanged.
Meanwhile, the benchmark BSE Sensex was trading lower by 85.12 points, or 0.25 per cent, at 33,639.32 in opening deals.
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