The Indian rupee fell by 5 paise to Rs. 44.40 against the U.S. dollar in early trade on the Interbank Foreign Exchange on Monday, weighed by weakness in shares and some demand from importers for the American currency.
Forex dealers said in addition to a weak start in the stock market, demand for the American currency from importers mainly put pressure on the rupee.
The rupee gained 15 paise to close at a two-week high of Rs. 44.35/44.36 against the U.S. currency on Friday on fresh dollar-selling by banks and exporters amid a rally in equity markets.
Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by 51.46 points, or 0.27 per cent, to 18,670.84 in opening trade today.