The Indian rupee depreciated 5 paise to 74.28 against the US dollar in opening trade on Wednesday as firm American currency and rising crude oil prices weighed on investor sentiment.

At the interbank foreign exchange, the rupee opened at 74.23 against the dollar, then fell further to 74.28, registering a fall of 5 paise over its previous close. On Tuesday, the rupee had settled at 74.23 against the US dollar.