The rupee was trading weak by 39 paise at 62.80 against the dollar at 3.49 p.m. local time.
The domestic unit shed 49 paise to 62.90 per dollar in the opening trade against the previous close of 62.41 on the US Federal Reserve's announcement of a further $10-billion reduction in its quantitative easing programme to $65 billion.
The further $10-billion stimulus reduction is in addition to the $10-billion cut announced earlier in December.
Abhishek Goenka, Founder and CEO of India Forex Advisors, said that the stimulus taper by the US Federal Reserve has affected all emerging market currencies.
The inter-bank call money rate, the rate at which banks borrow short-term money from each other, opened flat at 8.30 per cent. Yield on the benchmark 8.83 per cent government bond maturing in 2023 hardened to 8.79 per cent from the previous close of 8.77 per cent.
