Increased demand for the dollar from importers also weighed on the local currency but a higher opening in the domestic equity market limited the rupee's losses, forex dealers said.
The rupee had shed seven paise to close at 62.26 against the dollar in Tuesday's trade. Meanwhile, the benchmark BSE Sensex rose by 137.56 points, or 0.48 percent, at 28,654.15 in early trade on Wednesday.

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