The rupee depreciated 30 paise to 74.40 against the US dollar in opening trade on Monday tracking muted domestic equities and strong American currency amid global risk aversion.
The local unit opened at 74.40 at the interbank forex market, down 30 paise over its last close.
On Thursday, the rupee had declined further by 23 paise to close at a two-month low of 74.10 against the US currency.
Forex market was closed on Friday on account of Id-E-Milad.
Losses in domestic stock markets and uncertainty ahead of US presidential election weighed on the investor sentiment, traders said.