Rupee falls 21 paise to 94.71 against US dollar in early trade

The Indian rupee depreciated 21 paise to 94.71 against the US dollar in early trade, pressured by the US Federal Reserve's hawkish stance and a stronger dollar index. Broad weakness across Asian currencies further weighed on the rupee. Some support came from reports of a US-Iran memorandum of understanding and ongoing India-US trade discussions.