Markets: Rupee down 11 paise against US dollar in early trade

The rupee fell by 11 paise to 62.17 against the dollar in early trade today at the Interbank Foreign Exchange market due to appreciation of the US currency overseas.

Dealers attributed the domestic currency's fall to dollar's gains against other currencies overseas and a lower opening in the domestic equity market.

The rupee had gained 12 paise to close at 62.06 after hitting a two-month high of 61.47 against the dollar in yesterday's trade amid a rally in stock markets following RBI's 25 basis points rate cut.

Meanwhile, the benchmark BSE Sensex was down by 120.18 points, or 0.43 per cent, at 27,955.37 in early trade today.