Elevated crude oil prices have emerged as major fears for India in form of fiscal slippage and inflationary pressure.
Meanwhile, the rupee fell 28 paise to 71.88 against the US dollar in early trade on Tuesday.
The sentiment improved as oil prices retreated over 1 per cent in early trade.
The Norwegian crown gained almost 1 per cent against the euro on Monday.
Surging crude oil has emerged as major fears for India in form of fiscal slippage and inflationary pressure.
Market participants were concerned as the drone attack on Saudi Arabia's oil facilities has stroked fiscal slippage concerns.
In India, a major importer of crude, the rupee fell almost 0.7%.
The reserves had touched a life-time high of USD 430.572 billion in August this year.
On the upside, target of 73.50 continues to hold which is 123.6 per cent retracement.
Most Asian currencies gained following signs of rapprochement between US and China over their trade dispute.
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