The rupee depreciated by 34 paise, to 60.99 paise against the US dollar at the Interbank Foreign Exchange due to increased demand for the US currency from importers amid a weak opening in the domestic equity market. Forex dealers said, besides fresh demand from importers for the American unit, a lower opening in the domestic equity market as well as decline in industrial production growth to 4-month low of 0.5 per cent in July, put pressure on the rupee.