The rupee on Wednesday depreciated by five paise to close at 39.59/60, a low of more than one-month, against the US currency on firm dollar overseas and capital outflows. In volatile trade at the Interbank Foreign Exchange (Forex) market, the local unit opened at 39.46/47 a dollar against Tuesday’s close of 39.54/55.

It gyrated in a wide range of 39.46 and 39.66 a dollar during the day. Dealers attributed initial smart recovery in the rupee to firm stock markets where the benchmark Sensex was up by over 318 points in morning deals.

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