The Indian rupee fell by 22 paise to Rs. 53.24 per US dollar in early trade on Wednesday on persistent month-end demand for the American currency from importers on the back of a higher dollar in overseas markets.
The rupee resumed lower at Rs. 53.10/11 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs. 53.02/03 per dollar, and dropped further to Rs. 53.24 per dollar before quoting at Rs. 53.20/21 per dollar at 1030 hours.
The domestic currency moved in a range between Rs. 53.03 and Rs. 53.24 per dollar during morning deals.
Month-end dollar demand from importers, mainly oil refiners, coupled with a higher dollar in overseas markets, affected the rupee value against the dollar, a forex dealer said.
In Hong Kong, the US dollar edged slightly higher against the euro and a few other major currencies in early trade, but its movement was restricted to a tight range as trading activity was thin toward the end of the year.