The Indian rupee has recorded a fall of 7 paise to Rs. 49.33 per dollar in early trade on Wednesday as dollar saw a strong growth against the Euro and other currencies as well as a weak outlook in the domestic shock markets.

The rupee had fallen by 57 paise to close at Rs. 49.26/27 per dollar in the previous trading session at the Interbank Foreign Exchange. The rupee has fallen to its weakest level in a week following global trends.

The rupee fell on the second straight day on concerns that the Greek referendum could lead to a disorderly default by the country if the voters do not agree to the bailout plan.

According to the dealers, the fall of the Euroe against the dollar raised concerns over the deepening European debt crisis after Greece announced a referendum on the accepted bailout for its economy.

A lower opening ont eh Bombay Stock Exchange also put pressure on the rupee. BSE benchmark Sensex Index fell by 92.09 points to 17,388.74 in opening trade today. Foreign investors have cut holdings of Indian shares by an average $1.7 million a day since July 1.