The rupee depreciated by 33 paise to 71.30 against the US dollar in early trade on Tuesday at the forex market on fresh demand for the US currency from importers. Strength in dollar against some currencies overseas and a lower opening in domestic equities kept pressure on the domestic unit, dealers said.
On Monday, the rupee had firmed up by 17 paise to close at 70.97 against the US dollar in line with most Asian currencies, amid hopes that the US and China will soon reach an agreement to settle their trade tariff issues.
The domestic equity markets registered sharp losses, with the S&P BSE Sensex plunging more than 450 points in morning trade, and the NSE Nifty slipped below the 10,730 mark in morning trade.
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