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Definition of depreciate : 1. To fall in value; to become of less worth; to sink in estimation; as, a paper currency will depreciate, unless it is convertible into specie.
2. To lessen in price or estimated value; to lower the worth of; to represent as of little value or claim to esteem; to undervalue.

Synonyms:

vilipend, humiliate, deprecate, derogate from, praise, rap, carp at, extol, denigrate, put down, depress, revile, underrate, downgrade, censure, smear, slam, traduce, humble, increase, vilify, take down a peg, condemn, run down, disgrace, ridicule, slander, knock, raise, minimize, contemn, discredit, attack, slight, slur, talk down, spurn, show, decay, dishonor, calumniate, deteriorate, detract from, write down, money, play down, fault, denounce, deride, roast

derogate, malign, abrade, detract, diminish, decry, reduce, defame, lessen, discount, disparage, cast aspersion

deflate, belittle, devalue, degrade, devaluate, mark down, cheapen, debase, slash

undersell

decrease, elide, bob, shave, shear, lower, cut, dock, trim, clip, deduct, pare, subtract, curtail, prune, weed, crop, abridge, delete

underestimate, undervalue

Usage examples:

• He was reckless, passionate, prone to depreciate the opinion of others, extravagant in his thoughts and habits, ever ready to fight, both morally and physically, those who did not at a moment's notice agree with him. - "Castle Richmond", Anthony Trollope.
• Not a few conceive it for their interest to depreciate the value of property that they may purchase low, hence they deem it good policy to refuse wages, let the crops perish, and get up a panic. - "The Anti-Slavery Examiner, Omnibus", American Anti-Slavery Society.
• And yet they may be serviceable, if they warn us against that proneness to depreciate the intellectual value and serious purpose of the religious books of that land. - "India’s Problem Krishna or Christ", John P. Jones.