The rupee depreciated by 4 paise against the dollar in early trade today following the US currency's gains overseas. At the Forex market, the rupee fell by 4 paise to 46.32 a dollar. The rupee had closed lower by 8 paise at 46.33 a dollar in the previous session. Forex dealers said besides strong dollar overseas, month-end demand from importers for the US currency also weighed on the rupee sentiment.