Indian rupee suffered setbacks in afternoon trade Tuesday and hit lower against its Monday’s close as stocks failed to provide more directions for the local unit.
The partially convertible rupee was seen trading at 47.91 per dollar at 3.00 p.m, down marginally by 3 paise from its Monday's close of 47.88 per dollar.
Analysts said apart from stocks, intervention by the RBI also added pressure to the local unit.
Earlier, the rupee rose as high as 47.27 in early trade, its strongest since Dec. 19, at which point it was up 10.4 percent from its record low of 52.2 in early March.
Local stocks trimmed gains to be up about 0.7 percent after rising over 4 percent earlier in volatile trade after the euphoria caused by the election win, which had sent the shares surging 17.3 percent on Monday.
