The rupee depreciated 9 paise to 94.50 against the US dollar in early trade on Friday as the broad strength of the American currency in the overseas market dented investor sentiment.
Forex traders said overnight gains in crude oil prices and a recovery in the US dollar weighed on the domestic unit.
At the interbank foreign exchange market, the rupee opened at 94.50 against the US dollar, registering a fall of 9 paise from its previous close.
However, during initial trade, it recovered slightly to touch a high of 94.36 against the US dollar.
On Thursday, the rupee had settled at 94.41 against the American currency.