Rupee down 18 paise against dollar in early trade

The rupee on Wednesday fell by 18 paise to 56.29 against the dollar in early trade at the Interbank Foreign Exchange market, extending its losing streak for the fourth straight session as the American currency gained strength against other currencies overseas.

Forex dealers said besides dollar's gains against euro in the overseas markets on worsening euro-zone

debt crisis amid growing fears that Spain may need a full bailout, a weak opening in the stock market also put pressure on the local unit.

The rupee had ended lower by 14 paise at 56.11 against the dollar on Tuesday due to continued dollar buying by importers.