Mumbai: The rupee retreated from fresh five-month high level to trade lower by 4 paise at 63.72 against the US currency in early session on some dollar buying by importers and banks.
The domestic currency opened marginally up at 63.67 and jumped 6 paise to a fresh five-month high of 63.62 at the interbank foreign exchange market on dollar selling by exporters.
However, the rupee lost steam soon and retreated to a low of 63.72 at 0930 hrs, down by 4 paise compared to previous close of 63.68 a dollar.
The stock markets also opened strong but lost some of the gains later. The BSE Sensex was trading up 48.77 points or 0.14 per cent at 33,861.52 after hitting a high of 33,964.14. FIIs bought shares worth Rs 325 crore in net basis on Monday.
Globally, the US dollar fell against major currencies as traders booked profit after passage of US tax bill and expectations of monetary tightening by central banks supported the euro and the British pound.
On Monday, the rupee kicked off the new year on a bullish note by surging to close at a fresh five-month high of 63.68 a dollar, gaining 19 paise against its US counterpart.
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