The rupee depreciated 19 paise to 82.94 against the US dollar in early trade on Monday, weighed down by a strong US currency and a muted trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened weak at 82.87 against the dollar, then fell further to 82.94, registering a decline of 19 paise over its last close.
In the previous session on Friday, the rupee settled at 82.75 against the dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 105.25.
Forex traders said the Indian rupee depreciated on weak domestic markets and a positive greenback. Rebound in crude oil prices also weighed on the rupee.
Meanwhile, Brent crude futures, the global oil benchmark, declined 0.38 per cent to $82.84 per barrel.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth ₹1,470.34 crore, according to exchange data.
On the domestic macroeconomic front, India's forex reserves dropped by $5.681 billion to $561.267 billion in the week ended February 17, the RBI said on Friday.