The Indian rupee depreciated by 7 paise to 84.73 against the US dollar in early trade on Monday, primarily weighed down by foreign fund outflows and a lacklustre performance in domestic equities.

Forex traders noted that the rupee continues to face pressure due to consistent demand for the US dollar from importers and foreign banks. The rupee opened at 84.70 against the greenback, and quickly fell to 84.73 in the initial hours of trading, marking a 7 paise drop from its previous close.