The Indian rupee today weakened by 34 paise to 62.91 against the US dollar in early trade on the Interbank Foreign Exchange market due to appreciation of the American currency against other currencies overseas.
Dealers attributed the Indian rupee fall to dollar gains against other currencies overseas after minutes from the Federal Reserve's October meeting showed policymakers were considering cutting its stimulus programme in coming months.
They said a weak opening in the domestic equity market too put pressure on the Indian rupee.
The Indian rupee had lost 21 paise to close at 62.57 against the dollar yesterday as local stocks declined.
Meanwhile, the BSE Sensex fell by 161.89 points, or 0.78 per cent, at 20,473.24 in early trade today.