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The rupee opened 12 paise lower at 62.11 per dollar against the previous close of 61.99.
At 10.06 am, the rupee was quoting at 62.13.
"Major currencies were trading sharply lower against the US dollar due to concerns about the political conflict in the Ukraine and renewed weakness in emerging market currencies, prior to Janet Yellen's Testimony," said Abhishek Goenka, Founder and CEO, India Forex Advisors.
Market investors will watch the December quarter growth data due to be released on Friday. This week, the rupee will continue to trade in the narrow range of 61.70-62.30/$ this week, the dealer added.
The inter-bank call money rate, the rate at which banks borrow money from each other to meet short-term mismatches, opened higher at 8.05 per cent from the previous close of 7.95 per cent.
Yield on the 10-year benchmark 8.83 per cent Government security, maturing in 2023, softened to 8.90 per cent from its previous close of 8.91 per cent. Bond prices declined to ₹99.49 from ₹99.42. Bond prices and yields move in opposite directions
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