The rupee declined by 19 paise to Rs 49.34 per dollar in early trade on the Interbank Foreign Exchange market on Thursday, weighed down by dollar's gains against other currency rivals.
Dealers said besides dollar gains against other Asian currencies, a weak opening in the stock market amid foreign fund outflows put pressure on the rupee.
The rupee had ended marginally higher by 5 paise at 49.15/16 against the American currency Wednesday.
Meanwhile, the BSE benchmark Sensex declined by 78.33 points, or 0.44 per cent, to 17,628.99.