Rupee down 10 paise at 54.40/dollar in early trade

Increased demand for the US currency from oil importers affects rupee

The rupee today weakened by 10 paise to 54.40 against the dollar in early trade at the Interbank Foreign Exchange market due to increased demand for the US currency from oil importers.

Forex dealers said besides dollar's gains against other currencies overseas on strong US retail sales data, increased demand from oil importers for the American currency also put pressure on the rupee.

The rupee had lost 12 paise to close at 54.30 against the US dollar yesterday due to fall in local stock markets and renewed dollar demand.

Meanwhile, the BSE benchmark Sensex recovered by 46.29 points, or 0.24%, to 19,408.84 in early trade today.