The Indian rupee depreciated by 44 paise to 51 Rupees 78 paise against the US dollar in early trade today.The fall was due to the pull-out of foreign capital from the equity market, amid persistent dollar demand from banks and importers, despite weakness of the American currency overseas.In the previous session, the domestic currency had tumbled by 44 paise to close at 51 rupees 35 paise against the dollar.