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The rupee today fell by 38 paise to trade at over one-year low level of Rs 46.94 against the US currency in early trade, amid weakness of the euro and other Asian currencies against the dollar.
Dealers said a slide in the euro, which hit a six-month low against the US dollar and a lower opening in the domestic stock market mainly kept pressure on the rupee.
The rupee had tumbled by 37 paise to close at a fresh one-year low of Rs 46.56/57 against the American currency in the previous session on Friday due to a steep fall in local stocks amid a firm dollar overseas.
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