The rupee eased by 12 paise to 44.96 a dollar in early trade today. This follows capital outflows by foreign funds from equities. Yesterday, the rupee closed sharply higher by 64 paise, the biggest single-day gain in nearly 12 months at 44 rupees 84 paise a dollar, on heavy selling of the US currency.Forex dealers said capital outflows by foreign funds from equities caused the rupee to depreciate.