The Indian rupee fell by 24 paise to Rs 49.39 per US dollar in early trade on the Interbank Foreign Exchange today due to appreciation of the American currency against other major rivals overseas and a weak trend in the domestic equity market.
Dealers attributed the rupee's fall to dollar gains against the euro and other currencies overseas and a lower opening in the stock market.
In addition, dollar demand from importers also weighed on the Indian rupee, they said.
The rupee had strengthened by 14 paise to close at Rs 49.15/16 against the US dollar in the previous session on fresh dollar-selling by exporters amid firm equities.
Meanwhile, the Bombay Stock Exchange benchmark Sensex was down by 199.99 points, or 1.17%, at 16,885.35 in opening trade today.