The Indian rupee depreciated by 14 paise to 46.49 a dollar in early trade on month-end demand for the US currency from importers. However, higher opening on the stock markets and firming Asian currencies against the dollar, capped rupee's losses. The rupee had ended higher by 94 paise, or 2 per cent, at 46.36 a dollar in the previous session on Friday on the back of continued rally in equities and the US currency weakening in overseas markets. Forex dealers said the month-end demand for the dollar from importers, mainly weighed on the rupee sentiment.