The Indian rupee on Wednesday depreciated by 20 paise to trade at almost two-week low of 48.16 against the dollar for the second straight session in early trade on importers' demand for the US currency, which was also strong against other Asian currencies.

Expectations of capital outflows by foreign funds as stock markets may open in negative zone in line with other weak Asian markets, which were down up to 2.4 per cent in morning trade today, also put pressure on the Indian unit.