Mumbai: The rupee declined by 8 paise to 53.55 against the dollar in early trade on the Interbank Foreign Exchange on Tuesday following increased month-end demand for the American currency from importers.
Besides, dollar's gains against euro in the overseas markets amid the increasing threat for another debt-restructuring in Greece also put pressure on the local unit, forex dealers said.
A higher opening in the stock market, however, restricted the rupee's losses, they added.
The BSE benchmark Sensex recovered by 116.67 points, or 0.62 per cent, to 18,790.01 as power sector stocks rose after the government cleared proposal to restructure debt worth nearly Rs 2 lakh crore for state electricity boards.
The rupee had lost 2 paise to end at 53.47 against the dollar in Monday's session on heavy month-end dollar demand from importers and weakness in equities.
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