Mumbai : The rupee depreciated 18 paise to 65.05 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh demand for the American unit from importers and banks.

Dealers attributed the rupee’s fall to fresh demand for the US currency and a lower opening in the domestic equity market.

However, weakness in the US dollar against some currencies in the global market limited the rupee fall, they said.

Yesterday, the rupee had gained 16 paise to close at a fresh 17-month peak of 64.87 against the US dollar on heavy selling of the American currency by banks and exporters.

Meanwhile, the benchmark BSE Sensex was trading lower by 121.94 points, or 0.40 per cent, at 29,852.30 in opening deals.

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