The rupee dropped by 20 paise to 45.65 against the US currency in early trade. This follows on good dollar demand from importers amid weak equity markets. Month-end dollar demand from importers, mainly oil refiners, affected the rupee value. At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 45.63 per dollar against yesterday's close of 45. 46 per dollar and moved down further to 45.65 per dollar.