The Indian rupee declined by 17 paise to Rs 53.24 per US dollar in early trade on the Interbank Foreign Exchange on Friday on the back of increased demand for the American currency from importers and strengthening of the dollar against the euro overseas.

Dealers said apart from dollar gains against the euro, increased demand for the American currency from importers mainly weighed on the rupee sentiment.

In volatile trade, the rupee had lost 10 paise to close at a nearly two-week low of 53.07/08 against the dollar in Thursday’s trade amid strong dollar demand from importers.

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