MUMBAI: The Indian Rupee plunged on Tuesday aggravating losses straight the second day in a row after a three-day winning streak stalled in the previous session.

The Rupee was last seen exchanging hands at 82.7988 per Dollar compared to its previous close of 82.5388 on Monday.

Meanwhile, the RBI lifted the informal restrictions on rupee non-deliverable forward trades it had placed on local banks in October as the dollar index hovers around 105, down 8.5% from year-to-date highs, a banker on grounds of anonymity said on Tuesday. Retail inflation on Monday recorded a marked fall below the central banks tolerance level in Novemeber, driving expectations for a slower pace of interest rate rise.

The Fed is expected to deliver a smaller 50 basis points rate increase this week after four back-to-back hikes by three-quarters of a percentage point.

Gold Prices fell by Rs 8 to 54,534 per 10 grams in the national capital amidst a fall in prices of precious metals in the overseas market. The silver on the other hand jumped rs 82 per kg to 68,267 per Kg.