The Indian rupee Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel. Patel, who cited "personal reasons" for the decision that was effective immediately is the first governor since 1990, to step down before his term ends. At the Interbank Foreign Exchange, the rupee opened weak at 72.42, showing a sharp plunge of 110 paise over its previous closing price. On Monday, the Indian rupee tumbled 50 paise to close at 71.32 against the US dollar.


Besides, Patel's resignation, analysts attributed the fall in the domestic currency as a knee-jerk reaction to early state election trends that suggest a win for the opposition party in key states, ahead of general election of 2019.