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Deep unfolding methods---for example, the learned iterative shrinkage thresholding algorithm (LISTA)---design deep neural networks as learned variations of optimization methods. These networks have been shown to achieve faster convergence and higher accuracy than the original optimization methods. In this line of research, this paper develops a novel deep recurrent neural network (coined reweighted-RNN) by the unfolding of a reweighted $\ell_1$-$\ell_1$ minimization algorithm and applies it to the task of sequential signal reconstruction. To the best of our knowledge, this is the first deep unfolding method that explores reweighted minimization. Due to the underlying reweighted minimization model, our RNN has a different soft-thresholding function (alias, different activation functions) for each hidden unit in each layer. Furthermore, it has higher network expressivity than existing deep unfolding RNN models due to the over-parameterizing weights. Importantly, we establish theoretical generalization error bounds for the proposed reweighted-RNN model by means of Rademacher complexity. The bounds reveal that the parameterization of the proposed reweighted-RNN ensures good generalization. We apply the proposed reweighted-RNN to the problem of video frame reconstruction from low-dimensional measurements, that is, sequential frame reconstruction. The experimental results on the moving MNIST dataset demonstrate that the proposed deep reweighted-RNN significantly outperforms existing RNN models.