The Indian rupee on Tuesday, declined 23 paise to close at 76.14 against the dollar, mirroring a strong dollar in the offshore market and a downward trend in local stocks. Investors are trading on a cautious tone, said forex traders, as they anticipate inflation statistics.

The rupee opened at 76.05 versus the dollar on the interbank foreign exchange market and closed at 76.14, down 23 paise from the previous closing. Against the US dollar, the rupee hit an intraday high of 75.97 and a low of 76.17 during the trading day.  The rupee gained a smidgeon versus the dollar on Monday, rising to 75.91.

The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.17 percent at 100.10. Brent crude prices rose 3.17 percent to USD 101.60 a barrel, the global benchmark.

The 30-share Sensex down 388.20 points, or 0.66 percent, to 58,576.37 points, while the wider NSE Nifty fell 144.65 points, or 0.82 percent, to 17,530.30 points in the domestic equity market. 

According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 1,145.24 crore.

Market Closing: Sensex Falls 388-pts Nifty Settles Below 17,500

RBI regulated markets to begin trading at 9 am from April 18

India's retail inflation sped up to a 16-month high of 6.35 pc in March