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The rupee today depreciated by 25 paise to 54.32 against the dollar in early trade on the Interbank Foreign Exchange due to renewed demand for the US currency, amid weak equities.
Forex dealers said dollar's gain against other currencies overseas also weighed on the rupee sentiment.
The local unit had ended 11 paise higher at 54.07 yesterday due to persistent dollar selling by exporters and moderate capital inflows, amid reports of low volumes due to the ongoing two-day bank union strike.
Meanwhile, the BSE benchmark Sensex down by 140.52 points, or 0.71 per cent, to 19,502.23 in the early trade today.