The rupee depreciated 7 paise to 83.38 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and elevated crude oil prices. Forex traders said the strength of the American currency in the overseas market also dented investor sentiments. At the interbank foreign exchange, the rupee opened at 83.36 against the dollar and touched a low of 83.38 in the initial trade, registering a fall of 7 paise over its previous close. On Wednesday, the rupee closed flat at 83.31 against the US dollar. Stock, money, commodity, and derivative markets were closed on Thursday on account of Eid-Ul-Fitr. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.35, higher by 0.07 per cent. Brent crude futures, the global oil benchmark, rose 0.58 per cent to USD 90.26 per barrel. "Brent oil continued to remain in the higher side of the curve on Middle East jitters as Iran promised to retaliate for a .