Early on Monday, the rupee lost 19 paise to trade at 82.94 against the US dollar as a result of a strong US dollar and a flat domestic equity market.
The domestic unit at the interbank foreign exchange started out weakly against the dollar at 82.87, then declined further to 82.94, losing 19 paisas since its previous close.
In the previous session on Friday, the rupee settled at 82.75 against the dollar.
The dollar index, which measures how strong the dollar is relative to a basket of six different currencies, increased 0.04 percent to 105.25.
Forex traders said the Indian rupee depreciated on weak domestic markets and a positive greenback. Rebounding crude oil prices also weighed on the rupee.
Meanwhile, the global oil benchmark, Brent crude futures, fell 0.38 percent to USD 82.84 per barrel.
In the domestic equity market, the 30-share BSE Sensex was trading 159.67 points, or 0.27 percent, lower at 59,300.22. The broader NSE Nifty declined 46.90 points or 0.27 per cent to 17,418.90.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 1,470.34 crore, according to exchange data.
India's foreign exchange reserves decreased by USD 5.681 billion to USD 561.267 billion in the week ending February 17, according to data released by the RBI on Friday.
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