The Indian rupee was down by 8 paise at 45.35 per US dollar in early trade on Wednesday amid month-end dollar demand from banks and importers and dollar gains overseas.

The domestic unit opened slightly lower at 45.28/29 per dollar on the Interbank Foreign Exchange, as against Tuesday’s close of 45.2650/2750 per dollar.

It moved in a range between 45.20 and 45.35 per dollar in morning deals.

Month-end dollar demand from banks and importers at lower levels mainly affected the rupee value against the American currency, a forex dealer said.

The US dollar made a comeback against major currency rivals on Tuesday following comments from a European official that raised the prospects for an interest rate hike by the European Central Bank.

Meanwhile, oil rose in Asia in early trade on Wednesday as the turmoil unfolding in Libya, a major crude exporter, raised supply concerns, analysts said.

New York’s main contract, light sweet crude for April delivery, rose by four cents to USD 95.46 per barrel.

Meanwhile, the Bombay Stock Exchange benchmark Sensex was up by 61.07 points, or 0.33 per cent, in early trade on Wednesday.