Mumbai: The rupee lost seven paise at 62.37 against the US dollar in early trade today at the Interbank Foreign Exchange due to fresh demand for the American currency from importers.
Forex dealers said apart from fresh demand for the dollar, a lower opening in the domestic equity market also weighed on the local currency.
They said, however, dollar's weakness against other currencies overseas following another round of discouraging US data, limited the rupee's fall, they added.
The rupee had gained 6 paise to close at 62.30 against the dollar in yesterday's trade on persistent selling of dollars by banks and exporters.
Meanwhile, the benchmark BSE Sensex fell by 41.60 points, or 0.14 per cent at 28,624.44 in early trade today.