The rupee declined 2 paise to 82.92 (Dh22.59) against the US dollar in early trade on Tuesday, tracking a stronger American currency against major overseas rivals and outflow of foreign funds from domestic capital markets.
Though a downward trend in the crude oil prices cushioned the Indian currency, it was weighed down by the subdued equity market sentiment, forex traders said.
At the interbank foreign exchange, the domestic currency opened at 82.90 and slipped further to trade at 82.92 against the greenback, registering a loss of 2 paise from its previous close.
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Chinese stocks stumbled on Tuesday, dragging Asian peers with them, as Beijing did not unveil large stimulus plans to support the economy at the start of its week-long annual session of parliament, the National People’s Congress.
Equities markets in the region were already on the back foot following a retreat from record highs on Wall Street on Monday, on signs the U.S. Federal Reserve is in no hurry to cut interest rates. U.S. stock futures also pointed lower.
Bitcoin continued its ascent to a fresh two-year peak of $68,828 that put it within spitting distance of an all-time high. Gold marked a record closing high of $2,114.99 on Monday and continued to hover near that level.