On Tuesday, the rupee weakened by 17 paise to 54.34 against the US dollar on the Interbank Foreign Exchange market in early trade, due to month-end demand for the American currency from importers.

According to the Traders, apart from month-end demand from importers for the US currency, a lower opening in the equity market on worries over domestic political stability mainly put pressure on the rupee.

To conclude, the rupee had gained 16 paise to close at one-week high of 54.17 in the previous session on fresh selling of the US dollar amid strengthening of the euro overseas after Cyprus reached a bailout agreement with international lenders.

(AW:Samrat Biswas)