The Indian rupee depreciated by 12 paise against the dollar in early trade today on increased demand for the dollar from refiners and importers.
At the Interbank Foreign Exchange (forex) market, the domestic currency lost 12 paise to quote at 47.86 over the previous session's close of 47.74.
The local unit had ended the day cheaper by four paise yesterday.Forex dealers said a mixed greenback against a basket of Asian currencies and anticipation that domestic markets may remain range-bound, weighed on the rupee sentiment.