The Indian rupee lost 10 paise versus the US dollar on Tuesday,  provisionally settling 10 paise down at 75.17  as investor concerns over the new COVID variant's impact on the economy deepened. In a highly volatile trading session, the local currency which opened on a strong note at 74.91, saw an intra-day high of 74.86 and a low of 75.19 against the US dollar on the interbank foreign exchange market. The local currency ended the day at 75.17 per dollar, down 10 paise from the previous closing.

On Monday, the rupee fell 18 paise to a five-week low of 75.07 versus the dollar, owing to concerns over a new coronavirus type.

The rupee's gain bias was restricted, dealers said, as investor concerns over the impact of the new Omicron coronavirus type on the economy reappeared. The dollar index, which measures the strength of the greenback against a basket of six currencies, was down 0.68 percent at 95.69. Meanwhile, the global oil benchmark, Brent crude futures, fell 2.85 percent to $ 71.35 a barrel.

The BSE Sensex down 195.71 points, or 0.34 percent, to 57,064.87, while the broader NSE Nifty fell 70.75 points, or 0.41 percent, to 16,983.20 in the domestic equity market. According to exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs. 3,332.21 crore.

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