Increased month-end demand for the dollar from banks and importers also put pressure on the rupee.
Dealers attributed the rupee's fall to dollar gains against major currencies overseas and a lower opening in the stock market.
The rupee had lost 73 paise to close at two-month low of 62.66 against the US currency on strong dollar buying by banks and importers.
Meanwhile, the benchmark BSE Sensex was down by 335.33 points, or 1.58 per cent, at 20,798.23 in early trade today.
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