Continuing its slide for the fifth straight day, the rupee today lost 23 paise to trade at 63.47 on strong dollar demand from importers.
At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 63.47 a dollar from its previous close of 63.24.
Forex dealers said besides sustained demand for the US currency from importers and capital outflows, dollar's strength against other currencies overseas weighed on the domestic currency.
The rupee had depreciated by 77 paise to close at an almost two month low of 63.24 against the dollar in the previous session.
Meanwhile, the BSE Sensex gained by 93.26 points, or 0.45 per cent, to 20,584.22 in early trade today.