The rupee slipped 12 paise to settle above the 78-level against the US dollar on Tuesday amid foreign capital outflow.
At the interbank foreign exchange, the rupee opened at 78 against the American dollar, then lost further ground to end at 78.10 (provisional), registering a fall of 12 paise over its the last closing.
"With RBI's (Reserve Bank of India's) management, the rupee shall remain in a tight range of 77.80-78.20. If the range is broken on either side, it can lead to a movement of 30 to 50 paise," said Amit Pabari, MD, CR Forex.
In the previous session, the rupee had appreciated by 7 paise to settle at 77.98 against the US dollar as crude oil prices retreated from elevated levels.
Global oil benchmark Brent crude futures climbed 1.4 per cent to $115.74 per barrel.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.4 per cent lower at 104.07.
On the domestic equity market front, the 30-share BSE Sensex surged 934 points or 1.81 per cent to close at 52,532 today, while the broader NSE Nifty moved 289 points or 1.88 per cent up to settle at 15,639.
Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 1,217.12 crore, as per stock exchange data.
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