Rupee falls 18 paise against dollar in early trade

On Monday the rupee depreciated by 18 paise to 62.84 a dollar in early trade on the Interbank Foreign Exchange market due to appreciation of the American unit against major currencies overseas.

Increased month-end demand for the dollar from banks and importers also put pressure on the rupee.

Dealers attributed the rupee's fall to dollar gains against major currencies overseas and a lower opening in the stock market.

The rupee had lost 73 paise to close at two-month low of 62.66 against the US currency on strong dollar buying by banks and importers.

Meanwhile, the benchmark BSE Sensex was down by 335.33 points, or 1.58%, at 20,798.23 in early trade on Monday.