On Tuesday, the rupee had weakened by 10 paise to settle at 82.01 against the US dollar.

“Stop losses would have been triggered near 82.07-08 as it was trading in a choppy range for the past two weeks. That apart, falling premiums and a lower spot pushed importers to buy dollars and exporters to stay away and wait for higher levels,” said Amit Pabari, managing director, CR Forex.

A stop loss is a type of order that investors or traders use to limit their potential losses in the market, said experts.

“After Saudi Arabia, Russia’s call on curbing oil output by 500,000 barrels per day might have sent a confirmation of oil bottoming out near the $60-70 zone,” Pabari added.

Saudi Arabia and Russia, world’s biggest oil exporters, had extended their oil cuts on Monday. Saudi Arabia said it would extend its voluntary cut of 1 million barrels per day for August.

Meanwhile, Russia and Algeria disclosed their plans to decrease output and export volumes for August by 500,000 barrels per day and 20,000 barrels per day, respectively.

Markets also eyed the minutes of the US Federal Reserve’s June meeting to get clarity on the movement of the dollar.