The rupee depreciated by 17 paise to 67.09 against the US dollar in early trade today after RBI's rate hike amid fresh demand for the American unit from importers and banks.

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Yesterday, the RBI hiked the policy rate for the first time in over four years by 0.25 percent to curb inflationary pressures from high oil prices.

Weakness in the US dollar against other currencies, including the euro, limited the rupee's fall, analysts said.

The rupee had ended at a fresh one-month high of 66.92 yesterday, surging 23 paise against the US dollar.

Meanwhile, the benchmark BSE Sensex was trading higher by 207.83 points, or 0.59 percent, at 35,383.71 in opening deals.