The Indian rupee fell by 16 paise to 53 rupees 18 paise per US dollar in early trade on the Interbank Foreign Exchange today due to month-end demand for the American currency from importers.In addition, gains posted by the US dollar against Asian currencies overseas and a lower opening in the domestic equity market put pressure on the rupee.The rupee had closed 31 paise lower at 53.03 against the US currency in yesterday's trade.