At the interbank foreign exchange the rupee opened at 71.47 then gained further ground and touched a high of 71.43, registering a rise of 35 paise over its previous close.

Brent crude futures fell 0.64% to $64.14 a barrel while U.S. West Texas Intermediate (WTI) crude lost 0.78% to $58.88 per barrel.

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Several factors such as weak rupee, rising crude oil prices, the outcome of FOMC meet (Federal Open Market Committee) has increased uncertainty and dampened investor sentiment.

According to industry experts, the rising price of crude post the attack will deplete the country's foreign currency reserves and widen the fiscal deficit gap, while it fuels inflation in the domestic market

The rupee opened on a cautious note and fell 28 paise to 71.88 against the US dollar in early trade on Tuesday amid rising demand for the US dollar vis-a-vis other currencies overseas.

Given that India is the world's third largest oil importer, the uptick in global crude oil prices will inflate the import bill and disrupt the country's fiscal position. However, the ensuing impact on domestic petrol and diesel prices is expected to be short-lived.

The rupee appreciated by 14 paise to 71.58 against the US dollar in early trade on Monday as China's easing move and rate cut hopes by the US Fed enthused investors.

Beijing is widely expected to announce more support measures in coming weeks to avert the risk of a sharper economic slowdown as the United States ratchets up trade pressure, including the first cuts in some key lending rates in four years

JSW Steel has invested Rs 17,000 crore in the last two financial years for expanding its steel production capacity organically