The rupee depreciated 4 paise to 64.83 against the US dollar in early trade due to increased demand for the US currency from importers amid sustained foreign fund outflows. However, a weak dollar overseas helped the rupee limit its losses, dealers said.
Asian shares extended their recovery on Tuesday, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell's highly-anticipated first congressional testimony later in the day.
Yesterday, the rupee had lost 6 paise to end at 64.79 against the US currency due to fag-end dollar demand from importers and corporates. Meanwhile, the benchmark Sensex rose 132.64 points or 0.38 per cent to 34,578.39 in early trade. Foreign investors had pulled out Rs 1,119.51 crore from the equity market yesterday.