The Indian rupee on Tuesday lost 28 paise touching 58.99 against the US dollar in early trade, despite an upbeat mood that has set in following the Modi cabinet's swearing-in on Monday.
The weakness seen for the third consecutive day on the Interbank Foreign Exchange market was mainly attributed to the month-end demand for the green buck from importers.
The rupee had closed at 58.71 on Monday, after reaching a 11-month high of 58.40 in the morning.
Meanwhile, on Monday evening, BSE Sensex rose to 24716.88 points gaining 23.52 points. In terms of percentage, it went up by 0.10%. At the same time, Nifty reclaimed the 7300 mark in the afternoon trade on Monday.
BSE top gainers on Monday include M&M, Sesa Sterlite, Wipro, Tata Motors and Larsen.
NSE top gainers were M&M, Sesa Seralite, HCL Tech, Wipro and Tata Motors.
The rupee gained last week on Thursday when it closed 31 paise higher at 58.47 per dollar, owing to Modi's revelation at slimmer cabinet formation.
Markets experts consider a diverse trend on other Asian markets too has affected the trading sentiment in the country. Gains in other Asian currencies versus the dollar are also expected to affect the value of rupee.