Reversing its four-day climb, the rupee fell 24 paise to 65.65 against the dollar today on fresh demand for the greenback from banks and importers.

Dollar’s strength against other currencies overseas weighed, but a strong domestic equity market cushioned the impact.

The rupee had gained 28 paise to close at a fresh 16-month high of 65.41 yesterday after the US Fed stuck to its stance of a gradual approach on future rate hikes.

The Sensex rallied 238.77 points or 0.8 per cent to 29,824.62 in early trade.