The rupee fell by 17 paise to 61.98 against the US dollar in early trade today at the Interbank Foreign Exchange market on increased demand for the American currency from oil importers.
Forex dealers said a weak opening at the domestic equity market also weighed on the rupee.
The rupee had gained 7 paise at 61.81 against the US dollar on increased selling of the American currency by exporters in yesterday's trade.
Meanwhile, the benchmark BSE Sensex fell by 65.76 points, or 0.31 per cent, to 21,271.91 in early trade today.
