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Reversing its three-day climb, the rupee fell by 16 paise to 66.62 against the US dollar at the Interbank Foreign Exchange due to higher demand for the American currency from importers and banks.
Dealers said a strengthening dollar against other currencies overseas amid mounting expectations of higher borrowing costs in the US weighed on the rupee, but a higher opening in the domestic equities cushioned the impact.
The rupee had closed 13 paise higher to end at 66.46 against the US dollar yesterday after RBI, in a surprise move, slashed the key policy rate by 0.25 per cent to 6.25 per cent and on heavy dollar selling by banks and exporters.
Meanwhile, the benchmark Sensex advanced 143.10 points, or 0.50 per cent, to 28,477.65 in early part of the session.

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