The rupee weakened by 16 paise to 62.57 against the dollar in the afternoon trade due to fresh demand for dollar from importers.
The domestic gained 14 paise to 62.27 against the dollar in early trade at the Interbank Foreign Exchange market today on fresh selling of the US currency by exporters.
The rupee was trading in the range of 62.20-62.33 during the afternoon session.
Forex dealers said strengthening of the euro against the dollar overseas and a higher opening in the domestic equity market ahead of second quarter economic growth data supported the rupee in early trade.
The local currency had lost 27 paise to close at 62.41 yesterday due to month-end demand from oil importers for the US currency, which strengthened in the overseas market.
