The rupee depreciated by 8 paise to 60.21 against the US dollar in early trade today, extending losses for the fourth day at the Interbank Foreign Exchange market due to month-end demand for the American currency from importers.
The dollar's gains against other currencies overseas and a lower opening in the domestic equity market also put pressure on the local unit, forex dealers said. The rupee had weakened by 3 paise to end at nearly a one-week low of 60.13 against the dollar on Monday.
Forex market remained closed yesterday on account of "Id-ul-Fitr". Meanwhile, the benchmark BSE Sensex fell 61.40 points, or 0.29 per cent, to 25,929.83 in early trade today.