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Snapping its four-day rising streak, the rupee fell 16 paise to 64.96 against the dollar in early trade due to fresh dollar demand from importers.
Besides, a weak opening in the domestic equity market put pressure, dealers said.
A weakness in the US dollar against major world currencies in the global market, however, limited the rupee fall, they said.
The domestic currency had gained 1 paisa to close at 64.80 in the previous session on selling of dollars by banks and exporters in view of a firm trend in the stock market.
Meanwhile, the benchmark BSE Sensex fell 27.97 points, or 0.10%, to 27,336.95 in early trade today.
