The Indian rupee on Monday fell by 24 paise against the US currency in early trade on expectation of heavy capital outflows and increased dollar demand from importers.

At the Interbank Foreign Exchange (Forex) market, the domestic unit declined by 24 paise to 48.89 a dollar over its previous close. The rupee appreciated by 26 paisa to close at 48.65/66 in the previous session on Friday.