The Indian rupee today fell by 8 paise to 48.23 against the US currency in early trade after a three-session rising streak on expectations of fresh capital outflows as the stock markets may open lower in line with other weak Asian markets.

The dollar's rise against other currencies also put pressure on the Indian rupee. At the Interbank Foreign Exchange (Forex) market, the domestic unit traded 8 paise down at 48.23 a dollar. Yesterday, the rupee had ended 8 paise higher at 48.15/16 against the US currency.