Downbeat figures of December quarter GDP data and increased demand for the dollar from importers and banks also put pressure on the rupee.
Dealers attributed the fall in rupee to dollar's gains against the euro and yen overseas but a higher opening in the domestic stock market limited the fall.
The rupee had tumbled 29 paise, its biggest loss in two weeks, to close at 62.04 against the dollar in yesterday's trade and was hit by global risk aversion as the Russia-Ukraine conflict threatens to snowball into a full-fledged war.
Meanwhile, the benchmark BSE Sensex rose by 60.18 points, or 0.28 per cent, at 21,006.83 in early trade today.
Live: BSE Sensex