Extending losses for the second day the Indian rupee depreciated by another 15 paise to 46.63 against the US currency in early trade largely on the back of dollar's gains versus major currencies and Asian units.

Expectations of more capital outflows by foreign funds as equities may continue their slide for the third day in line with other Asian markets also put pressure on the rupee.

At the Interbank Foreign Exchange (Forex) market, the domestic unit traded 15 paise down at 46.63 a dollar.

Yesterday, the rupee had ended 37 paise lower at 46.48/49 against the US currency.

Forex dealers said dollar's rise against other currencies and heavy dollar buying by importers, particularly oil refiners, weighed on the rupee sentiment.

Meanwhile, the benchmark Sensex lost over 315 points in the past two trading sessions.