The Indian rupee fell by 52 paise to Rs. 47.78 per US dollar in early trade on Monday on fresh dollar demand from banks and importers amid firmness of the American currency overseas and a fall in the domestic equity market. The rupee resumed lower at Rs. 47.55/56 per dollar on the Interbank Foreign Exchange, as against last weekend's close of Rs. 47.26/27 per dollar, and declined further to Rs. 47.78 per dollar before quoting at Rs. 47.72/73 per dollar at 1030 hours. Fresh dollar demand from banks and importers, in view of dollar firmness in overseas markets, mainly affected the rupee value against the American currency, a forex dealer said. The dollar rose against the euro on Friday as news out of Europe left investors nervous about the outlook heading into the weekend. Meanwhile, oil prices were down in Asian markets early on Monday, with investors still worried over the debt crisis in the eurozone and the weak US economy. New York's main contract, light sweet crude for delivery in October, was down $1.12 to $86.84 a barrel in morning trade on Monday. Meanwhile, the Indian benchmark Sensex was down by 133.35 points, or 0.79 per cent, in early trade on Monday.

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