The Indian rupee depreciated by 16 paise against the dollar in early trade on Monday taking cue from weak Asian currencies and expectations of capital outflow by foreign funds in the domestic equities which are likely to open in the negative.

At the Interbank Foreign Exchange (forex) market, the domestic currency gained 16 paise to quote at 47.77 over Friday's close of 47.61/62. The local unit had ended flat on Friday.