In the early morning trade at the Interbank Foreign Exchange, the Indian Rupee fell 24 paise to touch Rs 51.44 against the US dollar. The rupee had opened a bit weaker but fell further as the trade began.

The high demand for the American currency from banks and importers due to a higher value of dollar in overseas markets increased the pressure on the rupee. The rupee was on the level of Rs 51.44 against the US dollar compared to weekend's close of Rs 51.20/21 per dollar.

The domestic deals were recorded in the range of Rs 51.23 and Rs 51.44 per dollar during morning deals. Foreign exchange dealers say the higher value of the dollar in international markets increased the demand for the currency in India and resulted in the fall of the rupee.

The dollar ahs gained against the Euro and other major currency rivals last Friday as Fed member Charles Plosser said that stronger economic numbers from the US would be ineffective in bringing growth if the eurozone debt crisis continues to unfold in Europe. The prospects for Euro were further weakened by comments by German Chancellor Merkel, in which she hinted that there is no quick solution to the crisis.