The Indian rupee declined marginally by 5 paise to Rs 44.12 per US dollar in early trade on Friday on month-end dollar demand from importers despite dollar weakness in overseas markets.

Month-end dollar demand from importers, mainly oil refiners, affected the rupee value against the dollar, a forex dealer said.

The rupee resumed steady at Rs. 44.06/07 per dollar on the Interbank Foreign Exchange, as against its overnight close of 44.07/08 per dollar, but declined immediately to Rs. 44.12 per dollar before quoting at Rs 44.09/10 per dollar at 1030 hours.

It hovered in a restricted range between Rs. 44.05 and Rs. 44.12 per dollar in morning deals.

In the Tokyo market, the dollar fell to a fresh four-month low against the Japanese yen and dropped against the euro in early trade after the U.S. House Republican leadership late on Thursday cancelled plans to vote on a plan to lift the US debt ceiling.

The dollar index, which tracks the U.S. unit’s performance against a basket of six other currencies, fell to 74.081 from 74.210 in late North American trade on Thursday.

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