Forex dealers said euro's gain against the US dollar supported the rupee, but month-end dollar demand from oil importers and a weak opening in the equity market restricted the gains.
The BSE benchmark Sensex declined by 56.27 points, or 0.32 per cent, to 17,575.44 in early trade today.
The rupee had ended marginally higher by 2 paise at 55.67 against the US dollar in the previous session.
