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The rupee fell by 18 paise to 59.22 against the US dollar in early trade on Wednesday at the Interbank Foreign Exchange market on capital outflows by foreign funds amid month-end demand for the American currency from importers.
Besides, dollar's strength against other currencies overseas on the back of encouraging economic data also put pressure on the local unit but a higher opening in the domestic equity market limited the fall, forex dealers said.
Meanwhile, the benchmark BSE Sensex recovered by 91.69 points, or 0.37%, to trade at 24,641.20.
The rupee had lost 33 paise -- its biggest drop in over two months -- to close at 59.04 against the dollar in the previous session as overseas investors pulled out funds from stocks.