The rupee today fell by 12 paise to 53.97 against the dollar in early trade, extending losses for the fifth straight session at the Interbank Foreign Exchange (Forex) market due to sustained demand for the US currency from importers.

According to Forex dealers, besides increased demand for the US dollar from importers, RBI concerns that the country’s current account deficit is headed to its highest ever this fiscal, also put pressure on the rupee. As a result, the domestic currency had lost 35 paise to end at nearly two-week low level of 53.85 in yesterday’s trade.

(AW:Samrat Biswas)