The rupee depreciated 22 paise to 79.46 against the US dollar in early trade on Monday, tracking subdued sentiment in the domestic equities.
However, persistent foreign fund inflows into the capital market restricted the rupee’s fall, forex traders said.
At the interbank foreign exchange, the rupee opened weak at 79.50 against the US dollar and then gained some ground to quote at 79.46 in initial deals, registering a decline of 22 paise over the last close.
The rupee rose 16 paise to close at 79.24 against the dollar in the previous session.
In initial deals, the local unit was moving in a tight range of 79.50 and 79.46.