Mumbai: The rupee retreated from 2-1/2 year high level to trade lower by 8 paise at 63.56 against the US currency in opening session on some dollar buying by importers and banks.
Besides, the dollar's gains against major global currencies also weighed on the domestic currency.
On Tuesday, the rupee closed at nearly 2-1/2 year high of 63.48, surging by 20 paise against the US dollar as the bullish momentum continued strongly for the fourth-straight day driven by upbeat hopes for economy.
FIIs bought shares worth Rs 522.74 crore on net basis on Tuesday.
Dealers attributed the rupee's fall to fresh demand for the US currency from importers but a higher opening in the domestic equity markets capped the losses.
Meanwhile, the Sensex rose 158.35 points, or 0.46 per cent, to 33,970.61 in early trade.
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