The Indian rupee on Wednesday depreciated by two paise to 46.52 against the US currency in early trade, extending its previous day's losses, on dollar demand from refiners.
However, dollar's losses against other major currencies, checked rupee's fall.
At the Interbank Foreign Exchange (Forex) market, the domestic unit traded 2 paise lower at 46.52 a dollar in early trade. On Tuesday, the rupee ended five paise lower at 46.50/51 against the US currency after the benchmark Sensex slipped by 58.16 points at 16,440.56.
Dealers said some demand for the US currency from refiners and importers mainly put some pressure on the Indian rupee.