After witnessing rapid gains last week, the rupee is beginning to shed gains losing for a second consecutive session. The currency was trading at 54.91 against the dollar, down 13 paise over Monday's close.
Demand for dollar from oil importers continued unabated. Analysts expect the rupee to continue to weaken, despite strength in equities, as the rising trade and current account deficit would weigh.
Last week the rupee gained following a sharp surge in equities.