The Indian rupee falls another 3 paise to 83.49 against the US dollar in early trade on today (April 29), amidst increase in international crude oil prices.

At the interbank foreign exchange, the domestic unit opened at 83.46 against the greenback and then slipped further to 83.48, registering a loss of 3 paise compared to its previous closing level.

On Monday, the rupee recorded a fall of 10 paise to close at 83.48 (provisional) against the US dollar, recording its highest intraday fall in over two weeks, as investors remained cautious ahead of the U.S. Federal Reserve's monetary policy decision.

The diminishing value of rupee is due to India’s dollar-denominated imports of crude oil, which accounts for over 85 percent of total requirement and other goods, reflecting higer imports and lesser imports.

According to a Petroleum Planning and Analysis Cell (PPAC) report, India’s dependency on overseas suppliers of crude rose to new high in the financial year Y24, when there was 16 percent drop in crude oil imports. PPAC report said that the import bill has fallen due to lower international rates of the product

The rupee free falls is additionally influenced by various factors such as increased demand for raw materials, machinery, or consumer goods from international markets.