Rupee nosedives by 38 paise at 46.82/$ in early trade.

The Indian rupee today plunged by 38 paise against the US dollar in early trade largely on weak Asian cues.

At the Interbank Foreign Exchange (Forex) market, the domestic unit traded at 46.82 dollar against the last close of 46.44 in first five minutes of trading.

Dealers said the domestic currency came under pressure mainly because of fear of capital outflows by foreign funds as equity market is expected to open lower in tandem with other Asian markets.

However, the dollar's weakness against some other international currencies capped rupee's losses.