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Markets are likely to see a subdued start on account of weak global cues. Also, India's currency, debt and money markets will be closed today for a public holiday.
The partially convertible rupee closed on Monday at 61.55/56 per dollar compared with 61.89/90 on Friday.
In Asia, shares came under pressure on Tuesday, with Japanese stocks tumbling more than 2% as the yen hovered near a four-week high against the dollar after last week's surprisingly weak jobs report raised concerns about the U.S. growth outlook.
Tokyo's Nikkei benchmark shed 2.6%, hitting a one-month low as investors there caught up to the fallout from the nonfarm payroll report following Monday's public holiday in Japan.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3% after gaining 0.8% in the previous session as the disappointing U.S. jobs report added to the case for the Fed to keep rates low for longer.
Overnight, U.S. stocks tumbled on Monday on caution ahead of corporate results, as mounting negative pre-announcements left a lackluster profit growth outlook.
Wall Street has seen a slow start to the year following gangbusters 2013. After the S&P 500's jump of almost 30% last year, its forward price-to-earnings ratio is the highest in nearly seven years and investors are weighing the risk of paying such a high premium for earnings that may see growth stall.
The Dow Jones industrial average fell 1.09%, to 16,258, the S&P 500 lost 1.26%, to 1,819 and the Nasdaq Composite dropped 1.47%, to 4,113.
