The rupee was trading at 53.24 against the dollar at 4.45 p.m. local time.
Snapping a three-day rising streak, the rupee fell 10 paise to 53.32 against the dollar in early trade at the Interbank Foreign Exchange (Forex) market today on fresh demand for the American currency from banks.
Forex dealers said fresh demand for the US dollar from banks mainly put pressure on the rupee but a higher opening in the equity market limited the downside.
Meanwhile, the BSE benchmark index Sensex recovered by 42.04 points or 0.21 per cent to 19,937.02 in early trade today.
The rupee had gained 8 paise to close at a three-and-a-half-month high of 53.22 against the dollar yesterday on sustained foreign fund inflows and sharp recovery in euro.
