Mumbai: The rupee declined by 23 paise to 53.10 against the dollar in early trade on Thursday at the Interbank Foreign Exchange market on increased demand for the American currency from importers.
Forex dealer said increased demand for the American currency from oil importers and dollar's gains against other currencies overseas mainly put pressure on the local unit.
A higher opening in the equity market, however, capped rupee's losses, they added.
Meanwhile, the BSE benchmark Sensex rose by 51.50 points, or 0.28 percent, to 18,662.27.
The rupee had ended flat at 52.87 against the US dollar in yesterday's trade.
First Published: Thursday, October 18, 2012, 10:44