The rupee declined by 27 paise to 65.57 per dollar in early trade today amid gains in the US currency in global markets.
Forex dealers said the dollar strengthened against major global currencies hitting the rupee sentiment.
Early losses in stock markets and demand for the US currency from importers also weighed on the rupee, they added.
Yesterday, the rupee had gained 6 paise to close at a nearly 17-month high of 65.30 in a fairly volatile trading.
Meanwhile, the benchmark BSE Sensex fell by 221.71 points, or 0.75 per cent, to 29,263.74 in early trade today.
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