Indian rupee continues to fall for second day in a row

The rupee continued its downward movement for the second straight day and fell by 8 paise to 83.21 against the US dollar (22.67 against UAE dirham) in early trade on Tuesday amid massive selling by foreign equity investors and a firm American currency.

Subdued equity market sentiment and elevated level of crude oil prices -- hovering above $92 a barrel -- also put downside pressure on the Indian currency, forex traders said.

At the interbank foreign exchange, the domestic unit opened at 83.19 and hit the lowest level of 83.23 against the greenback. It later traded at 83.21 against the dollar, registering a fall of 8 paise from its previous close.

• Indian rupee rises 7 paise in early trade, weighed down by strong US dollar