The rupee depreciated 21 paise to 94.71 against the US dollar in early trade on Thursday on US Federal Reserve's hawkish stance and the broad strength of the American currency in the overseas market.
Forex traders said the dollar Index rose to 100.23 levels, a 4-month high, due to a hawkish FED. The FED Reserve held interest rates steady as widely anticipated but implied that at least one quarter-point rate hike would come later this year.
