The Indian rupee snapped its recent rally tracking notable fall in domestic equities and recovery in the US dollar overseas. INR depreciated 27 paise to 85.37 (provisional) against the US dollar on Tuesday. The benchmark 30-share BSE Sensex dropped 624.82 points, or 0.76 percent, to 81,551.63, with financial and IT stocks coming under heavy selling pressure. The broader NSE Nifty index ended down 174.95 points, or 0.70 percent, at 24,826.20 while the BSE mid-cap and small-cap indexes edged up by around 0.2 percent each. The dollar index also managed to crawl above 99 mark. Meanwhile, investors moved cautiously awaiting domestic industrial and manufacturing production data for April as well as the first quarter GDP growth numbers to be released this week. At the interbank foreign exchange, the domestic unit opened at 85.15 and moved between the high of 85.11 and the low of 85.45 against the greenback during intraday trade. The unit settled at 85.37 (provisional) against the dollar, registering a loss of 27 paise over its previous close.