The rupee dropped by 15 paise to 64.89 against the US currency in early trade today, breaking its six-day winning streak.
A spurt in dollar demand from importers amid sustained foreign fund outflows weighed on the rupee.
Dealers said the dollar's gains against some other currencies overseas also impacted the domestic currency.
Yesterday, the rupee had ended at more than three-week high of 64.74 a dollar, surging by 19 paise helped by extremely bullish macro indicators.
The benchmark BSE Sensex rose further by 20.77 points, or 0.06 per cent, to 32,654.41 in early trade today.
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