Rupee slips 15 paise to 75.99 against US dollar in early trade

On Wednesday, the rupee tanked 55 paise, its steepest single-day fall in a month, to close at a one-week low of 75.84 against the US dollar.

The Indian rupee weakened against the US currency as hawkish US Federal Reserve stance lifted the dollar and the US benchmark bond yields, Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

Global oil benchmark Brent crude futures advanced 1.51 percent to USD 102.60 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.05 percent to 99.54.

"The US dollar has started marginally weaker this early Thursday morning in Asian trade but downside could remain capped after meeting minutes showed the Federal Reserve preparing to move aggressively to head off inflation," Iyer said.

Investors will await cues from the RBI monetary policy meeting outcome which will be announced on April 8.

On the domestic equity market front, the 30-share Sensex was trading 369.19 points or 0.62 percent lower at 59,241.22, while the broader NSE Nifty slipped 99.80 points, or 0.56 percent, to 17,707.85.

Foreign institutional investors remained net sellers in the capital market on Wednesday as they offloaded shares worth Rs 2,279.97 crore, according to stock exchange data.