On Tuesday, the rupee fell to the psychologically significant level of 80 against the US dollar, bringing its year-to-date decline to about 7%.

Early trading saw the domestic currency drop to 80.0175 from the previous close of 79.9775.

Anand James, Chief Market Strategist at Geojit Financial Services, predicted that the rupee is likely to trade between 79.85 and 80.15 against the dollar on Tuesday.

According to Nirmala Sitharaman, the Union Finance Minister, the value of the Indian rupee has fallen by about 25% against the dollar since December 2014 as a result of global factors like rising crude oil prices and the conflict in the Ukraine and Russia, according to ANI.