Mumbai, India (BBN)-The rupee depreciated by eight paise to 63.67 against the dollar in early trade on Wednesday at the Interbank Foreign Exchange.

Dealers attributed the fall to the dollar’s gains against other currencies overseas and increased demand from importers for the US currency, reports the Press Trust of India.

However, a higher opening in domestic equity market capped losses to some extent.

On Tuesday, the rupee slipped by 7 paise to close at 63.59.

Meanwhile, the benchmark BSE Sensex was trading 72.48 points or 0.26 per cent higher at 27,876.85.