The rupee on Monday lost 33 paise to 54.14 against the US dollar in early trade on the Interbank Foreign Exchange due to appreciation of the American currency against the euro and other rivals overseas and a weak opening in the domestic equity market.
Increased demand for the dollar from banks and importers also put pressure on the rupee.
Dealers attributed the rupee’s fall to dollar gains against the euro overseas and a lower opening in the stock market.
They said, the US dollar hovered around two-month highs against a basket of major currencies in Asia on today as investors sought the safe-haven currency given uncertainty surrounding the US presidential election.
The rupee had closed 11 paise lower at 53.81 a dollar on Friday.