A rotary cutting tool has a main body with one or more segments exchangeably fastened to its circumference or internally thereof. The main body and the segment have fitting elements with mutually contacting faces. The exchangeable fastening is effected by a clamping piece, which is dovetailed on two sides and is additionally configured with a taper that wedges in the axial direction. The first dovetail-shaped part of the clamping piece engages in a corresponding recess of the main body and the second dovetail-shaped part of the clamping piece engages in a corresponding recess of the segment.