MUMBAI: Extending losses for the third consecutive day, the rupee shed 21 paise to hit a four-month low of 63.77 against the US dollar in early trade today at the Interbank Foreign Exchange due to continued demand for the American currency from importers.
Forex dealers said sustained demand for the dollar from importers mainly weighed on the local currency but a higher opening in the domestic equity market and easing dollar against other currencies overseas, limited the rupee's losses.
The rupee had lost 24 paise to close at a fresh three-and-half month low of 63.56 against the US dollar in the previous session on Friday. Meanwhile, the benchmark BSE Sensex rose by 129.34 points, or 0.47 per cent, at 27,567.28 in early trade.