The rupee depreciated 14 paise to 82.53 against the US dollar in early trade on Monday, weighed down by strength of the American currency in the overseas market and rising crude oil prices.

At the interbank foreign exchange, the domestic unit opened at 82.47, then fell to 82.53, registering a decline of 14 paise over its last close.

On Friday, the rupee had settled at 82.39 against the dollar.

Forex traders said the Indian rupee opened weak on the rise in oil prices and dollar index.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 104.10.

Brent crude futures, the global oil benchmark, rose 1.17 per cent to USD 77.02 per barrel.

"Brent oil prices rose to USD 76.36 per barrel after Saudi Arabia announced a unilateral cut in oil production by 1 million barrels per day. The Asian currencies fell as US dollar index rose," said Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP.

In the domestic equity market, the 30-share BSE Sensex was trading 230.95 points or 0.37 per cent higher at 62,778.06. The broader NSE Nifty advanced 52.45 points or 0.28 per cent to 18,586.55.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 658.88 crore, according to exchange data.

Meanwhile, India's forex reserves dropped by USD 4.339 billion to USD 589.138 billion for the week ended May 26, the Reserve Bank said on Friday. In the previous week, the reserves had declined by USD 6.052 billion to USD 593.477 billion.

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