The Indian rupee depreciated by 23 paise to 53 rupees 30 paise against the US dollar in early trade today.The fall was due to persistent month-end demand for the American currency from importers, despite a lower dollar in overseas markets and a higher opening in the equity market.The domestic currency had lost 10 paise to close at a nearly two-week low of 53 rupees 07 paise against the dollar in the previous session yesterday.