The Indian rupee declined by 14 paise to Rs 52.85 against the US dollar in early trade today on good dollar demand from banks and importers amid a weak trend in the domestic equity market.
The rupee resumed lower at Rs 52.80/81 per dollar on the Interbank Foreign Exchange, as against last weekend's close of 52.71/72 per dollar, and fell further to Rs 52.85 per dollar before quoting at 52.78/79 per dollar at 1030 hours.
The domestic currency hovered in a range between Rs 52.74 and Rs 52.85 per dollar during morning deals.
Fresh dollar demand from banks and importers mainly affected the rupee value against the dollar, a forex dealer said.
The BSE benchmark Sensex dropped by 134 points, or 0.85%, in early trade today.
Meanwhile, oil prices fell by 49 cents to $101.07 in early Asian trade on concerns over the European debt crisis amid tensions over Iran's threat to block a vital oil shipping lane.
