The rupee shed 5 paise to hit a fresh five-month low of 65.36 against the US dollar in early trade today following increased demand for the American currency from banks and importers.
Investors are cautious ahead of consumer price inflation data due later in the day.
Moreover, the US dollar's gains against some currencies overseas, on surging crude oil prices and growing geopolitical uncertainties, weighed on the domestic unit, forex dealers said.
However, a higher opening of the domestic equity market capped the rupee's fall.
The benchmark BSE Sensex regained 34k level rose by 62.38 points, or 0.18 per cent, to 34,002.82 in the opening trade.
Yesterday, the rupee had lost 32 paise to hit a fresh five-month low of 65.31 against the US dollar.
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